The number of approved mortgages in the UK housing market for the month of November looked similar to the month prior as the figure was flat month on month. There were 67,109 mortgages approved in November compared with 67,011 in the month of October, according to data from chartered surveyors. First time buyer impact on the number of approved mortgages increased, but the group of borrowers who continued to be quite strong was that of remortgagors.

Mortgage approvals increased as the appetite for lending surged due to low interest rates and lender incentives. Year on year, approvals increased 4%.

First time buyers have showed up and made an impact in the market unlike the years leading up to 2018. First timers remain challenged by high property prices which require high deposits. Over the past decade, house prices have increased each year leading to a market which is quite hard to break in to. The first rung of the property ladder is now an accomplishment which typically requires help from outside.

Housing experts see these figures as another example of a housing market which is demonstrating a great deal of resilience. Brexit along with new stamp duty have played a major role in creating a challenging market for most sectors. The fact that mortgage approvals increased during this year speaks volumes about the ability of the market to remain strong.

Remortgage continues to lead the way and push the lending market forward. Lenders continue to make obtaining initial lending or remortgage lending a favourable experience for most who apply.