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Gloucestershire Business News

Mortgage levels highest in a decade

The number of mortgages approved last year was the highest since 2009.

Some 982,286 mortgages were approved by the main high street banks in 2019 - 7.4 per cent more than in 2018, according to trade association UK Finance, as reported by Sky.

The figure for 2019 is the highest since 2009, when 986,742 mortgages were approved.

Mortgage lending for the residential sector in December 2019 totalled £22.2bn, giving an annual total of £265.8bn for 2019, 1.1 per cent lower than in 2018.

It's thought the increase in mortgages approved in December was down to the fall in mortgage rates in the second half of the year.

Experts say there is likely to be a further increase in mortgages in January and February, following the general election and Christmas holidays.

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