Remortgaging up 3 per cent as purchases and overall lending plateau

Data from the Bank of England has shown that remortgaging continued to grow steadily in terms of transactions and lending amounts in September. Overall transactions, however, were largely flat, with those for purchases slipping back slightly.

September saw 127,565 lending approvals against a dwelling, worth a total of £21.2bn – both figures slightly up on the previous month. Remortgaging grew to £8.4bn in 47,598 transactions (up 2.8%) from August and up 6.4% compared to the previous six-month average of 44,721 transactions for £7.8bn.

However, purchase activity remained subdued at 66,232 approvals worth £12bn. This was below both the August total (67,232 transactions for £12.2bn) and previous six-month average (66,867 approvals worth £12.1bn).