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Spike in mortgage approvals at the end of 2019

There was a spike in mortgage approvals in December, e.surv’s market monitor found.

There were 66,253 residential mortgages approved during the final month of 2019 (seasonally adjusted), a jump of 1.9% from November’s total and an increase of 2.7% when compared to the same month last year.

The clear general election result, combined with competitive mortgage rates, are likely to be behind the spike.

Richard Sexton, director at e.surv, said: “There have been ups and downs over the course of the year but 2019 ended on a positive note for the UK mortgage market.

“December’s decisive election result does seem to have put an end to the atmosphere of uncertainty which has dominated the property market this year.

“With more certainty on the future, it appears that many new buyers and existing homeowners have chosen to enter the market, leading to a spike in approvals in December.”