Mortgage approvals drop year-on-year

There were 65,922 residential mortgages approved in October 2019 on a seasonally adjusted basis, a decrease of 1.2% year-on-year, e.surv has revealed.

The number of transactions were fairly flat compared to September 2019.

Richard Sexton, director at e.surv, said: “Despite the wider property market continuing its recent slowdown, the mortgage industry has maintained steady levels of activity this month.

“Rates which have fallen to a little over 1% for the cheapest two-year fixes, have helped sustain activity.

“Competitive mortgage rates have ensured the entry of new borrowers into the market and meant that the industry has kept some semblance of momentum.”