The number of mortgages approved for house purchase in the United Kingdom dropped to 65,545 in August 2019 from an 18-month high of 67,011 in the previous month and below market expectations of 66,400. Meanwhile, approvals of loans secured on dwellings for remortgaging went up to 48,515 from 47,620 in July and those for other purposes increased to 14,635 from 13,965. Net mortgage lending rose by GBP 3.85 billion in August, missing market consensus of a GBP 4.20 billion gain. Mortgage Approvals in the United Kingdom averaged 84.22 Thousand from 1986 until 2019, reaching an all time high of 151.80 Thousand in May of 1988 and a record low of 26.35 Thousand in November of 2008.
Mortgage Approvals in the United Kingdom is expected to be 65.40 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 74.50 in 12 months time. In the long-term, the United Kingdom Mortgage Approvals is projected to trend around 80.00 Thousand in 2020, according to our econometric models.