Gross mortgage lending fell by 0.9% in October 2019 year-on-year, but approvals rose by 3% to give a
mixed picture of the market.
UK Finance data shows there was £25.5bn of mortgage lending in October 2019.
Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “As we head towards the end of the year, and lenders jostle for what business there is out there, there are some incredible deals on the market to attract borrowers.
“There was an uplift in people taking advantage of these, with mortgage approvals for home purchase some 3% higher than October last year, while remortgage approvals were 12.7% higher.
“Gross mortgage lending has fallen slightly compared with last October, reflecting perhaps the high level of uncertainty that continues to hamper the housing market as a whole.
“Until the general election result and Brexit are settled, it looks unlikely that the lack of confidence this is instilling in the market will change.”
Andrew Montlake, managing director of the UK-wide mortgage broker, Coreco, also reflected on the significant competition between lenders.
He said: “The high street banks have got cash to burn at the moment, so it’s no surprise to see their share of mortgage lending increase.
“The price war on the high street continues to rage and consumers are making the most of it.
“Buyers and homeowners alike are being driven on by the ridiculously low rates available, especially medium- to long-term fixed rates, which will help them ride out the uncertainty that the years ahead will bring.”
