house prices high

Good news for housing market as mortgage approvals begin to rise

After a four-year low in mortgage approvals, the numbers have now begun to bounce back, with rises in both first-time buyer mortgages and remortgages recorded last month.

UK Finance has reported that both mortgage and remortgage approvals have risen in recent months. New mortgage approvals increased to 40,117 in January, up from 36,085 in December 2017, and remortgage approvals have risen by 9% since February 2017.

Speculation of interest rate rises and buy-to-let changes are likely to be the reason behind the increase in mortgage approvals as borrowers take steps to secure new deals now. Eric Leenders, managing director of personal finance at UK Finance, said: “There has been an increase in remortgage approvals compared to last year, as borrowers look to lock-in to attractive deals amid speculation of further interest rate rises later this year.”

A new positive trend

[crb_image link=”” image=”” align=”left”]
However, first-time buyers may well account for a large number of new mortgage approvals, with an overall increase in their market share to 29%. This is a 2% increase on January this year, and a 22% rise in the market share recorded in 2017. According to the National Association of Estate Agents, this is probably due to the Chancellor’s stamp duty relief beginning to have the ‘desired effect’.

The increased number of mortgage and remortgage approvals brings the UK market out of a four-year low. According to UK Finance, the 11% monthly jump is most likely reflective of people taking advantage of mortgage deals on offer at the end of last year – however, it will help to settle any nerves around the sustainability of the housing market following the decline in mortgage approvals last December.

Self-certified Sophisticated Investor

Please read

I declare that I am a self-certified sophisticated investor for the purposes of the restriction on promotion of non-mainstream pooled investments. I understand that this means:

I am a self-certified sophisticated investor because at least one of the following applies:

I accept that the investments to which the promotions will relate may expose me to a significant risk of losing all of the money or other property invested. I am aware that it is open to me seek advice from someone who specialises in advising on non-mainstream pooled investments.

High Net Worth Investor

Please read

I make this statement so that I can receive promotional communications which are exempt from the restriction on promotion of non-mainstream pooled investments. The exemption relates to certified high net worth investors and I declare that I qualify as such because at least one of the following applies to me:


Sign up for first access to new developments and exclusive property investment opportunities.

We send limited and targeted emails on new launches and exclusive deals which best fit your areas. We are trusted by over 30,000 active buyers as their source for new stock.

  • New property developments
  • Professional market reports
  • Property deal alerts
  • Development updates
Manchester property investment


Receive trending news straight to your inbox and stay up to date on all of the property market trends and advice.

Established since 2005 we are a leading voice of authority and commentary on the UK property market. Our news is trusted by Apple News & Google News.

  • UK housing market
  • Mortgage & money
  • Buy-to-let landlords
  • Guides & advice

Talk to us

Speak to our UK property experts today:


+44 (0) 333 123 0320

Open from 9am-6pm GMT


+852 6699 9008

Open from 9am-6pm HKT