The number of mortgages approved for house purchase in the United Kingdom fell to 63,793 in December 2018, the lowest number since April, following an upwardly revised 63,952 in November and with market expectations of 63,000. Additionally, approvals of loans secured on dwellings for remortgaging declined to 47,902 from a downwardly revised 48,558 in November while those for other purposes went down to 13,134 from a downwardly revised 14,284. Mortgage lending rose by GBP 4.11 billion in December, above market consensus of a GBP 3.45 billion gain. Mortgage Approvals in the United Kingdom averaged 84.59 Thousand from 1986 until 2018, reaching an all time high of 151.80 Thousand in May of 1988 and a record low of 26.30 Thousand in November of 2008.
Mortgage Approvals in the United Kingdom is expected to be 66.50 Thousand by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Mortgage Approvals in the United Kingdom to stand at 79.10 in 12 months time. In the long-term, the United Kingdom Mortgage Approvals is projected to trend around 97.60 Thousand in 2020, according to our econometric models.