The number of mortgages approved for house purchase in the United Kingdom rose to 67,086 in October 2018 from an upwardly revised 65,726 in the previous month, the highest number since January and above market expectations of 64,550. Meantime, approvals of loans secured on dwellings for remortgaging edged up to 49,339 in October from 49,337 in September while those for other purposes fell to 14,064 from 14,797. Mortgage lending increased by GBP 4.1 billion in October, beating market consensus of a GBP 3.5 billion gain. Mortgage Approvals in the United Kingdom averaged 84.69 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 66.20 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 79.60 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.