© 2025 News On The Block. All rights reserved.
News on the Block is a trading name of Premier Property Media Ltd.
© 2025 News On The Block. All rights reserved.
News on the Block is a trading name of Premier Property Media Ltd.
There were nearly 34,000 fewer home purchase mortgage approvals in the second half of 2014 than the first half as the lending recovery stalled following regulatory change, according to the latest Mortgage Monitor from e.surv.
In total, there were 370,184 house purchase approvals in H2, 2014 – a fall of 8.1% from the H1 2013 when there were 402,808 approvals, and an even larger decrease of 8.4% from 404,058 in H1 2014. Total house purchase lending for December stood at 60,217, a 16.6% year-on-year fall from 71,504 in December 2013.
December saw a 2% increase from 59,029 approvals in November, continuing a trend of month to month stabilisation seen since September.
Richard Sexton, director of e.surv chartered surveyors, said: “We can see that purchase mortgage lending was heading for a peak in January 2014. The reasons for the subsequent drop are clear in light of changes to Funding for Lending.
“In January, the scheme ceased to apply to home purchase mortgages. The changes were implemented because house purchase approvals in the last half of 2013 provoked fears of an overheated market. With this in mind, the year-on-year decrease combined with improving month-on-month figures seems like an ideal outcome.”