New mortgages were higher than in any month since last August

Following the UK Finance lending trends figures this morning, Richard Pike, Phoebus Software sales and marketing director, says “We could have been forgiven for thinking that confidence had to be at an all time low as we got closer to 31st October. However, although figures in August were still lower than those in the same month in 2018, it is nonetheless pleasing to see that both the number and value of new mortgages were higher than in any month since last August.

“There has to be something to be said for the fact that the economy actually grew over the summer and, despite recent failings such as Thomas Cook and Karen Millen, this shows that our economy does not rest solely on the retail industry. With unemployment at its lowest and real wage growth at an 11-year high, in the year to June, the reality is that people are still buying houses. And, there has probably never been a better time as lenders, including NatWest and Barclays, announce lower and more attractive deals. If getting the right deal is the main driver, no matter what the political landscape looks like, then this trend is likely to continue.”