Mortgage approvals reach highest annual total since 2009
Almost a million mortgages approved by the main high street banks in 2019
The number of mortgages approved by high street banks jumped to the highest annual total in a decade last year amid signs the housing market is moving up a gear.
Commenting on the report from trade association UK Finance, economists suggested that low mortgage rates have already helped to boost activity - and a further bounce in mortgage approvals following the mid-December general election result could still be on the cards.
UK Finance said that, in total, 982,286 mortgages were approved by the main high street banks during 2019, 7.4% more than in 2018.
The trade association said 2019 marked the highest annual total for mortgage approvals since 2009 - when 986,742 home loans were handed out.
More than half a million mortgages handed out in 2019 were for house purchase, the highest annual level since 2015.Published: by Radio NewsHub