Recent data from the Bank of England and LMS conveyancing reveal encouraging trends in the UK mortgage market. In May, mortgage approvals for house purchases saw their first increase since December 2024, rising by 2,400 to 63,000. Remortgage approvals also rose by 6,200 to 41,500. This uptick signals growing confidence among borrowers and lenders, suggesting a resilient housing market despite ongoing economic challenges.
The LMS monthly remortgage snapshot further supports this positive sentiment, showing a 12% increase in new remortgage instructions in May. This growth is attributed to a proactive approach by borrowers seeking long-term payment stability amid economic uncertainty. The popularity of five-year fixed deals highlights a preference for predictability over short-term flexibility.
Overall, the data paints a picture of a robust mortgage market, with both new mortgage approvals and remortgage instructions on the rise. This positive trend is expected to continue as more fixed-term mortgages mature and borrowers seek stability in their financial commitments.
1: Today’s Conveyancer Bank of England mortgage data adds to positive signs of future demand
2: LMSÂ Monthly Remortgage Snapshot May