98,994 Mortgage approvals in January 2021

Posted on Tuesday, March 9, 2021

  • 98,994 mortgages were approved in January 2021, 50% higher than in January 2020 and at £24.3 billion, gross lending was at its highest monthly figure since March 2016. Mortgage approvals have slowed, -3.7% fewer approved in January 2021 than in December 2020.
  • In the first six weeks of 2021 buyer demand has remained strong, up 12.4% compared to the same period last year. The number of new listings does not match demand, putting upward pressure on pricing (Zoopla).
  • An increase in higher loan-to-value mortgage products available to first-time buyers has caused first-time buyer demand to increase. Demand is 5% higher than the first six weeks of the year compared to the final quarter of 2020 (Zoopla).