Gross mortgage lending across the residential market during November 2019 was £23.1bn, a figure 3.3% lower than in the same month in 2018, UK Finance data revealed.

The new data also showed that mortgage approvals for home purchases by the main high street banks in November 2019 were 6.8% higher, remortgage approvals were 12.7% higher, while approvals for other secured borrowing were 4.2% lower than in the same month in 2018.

Managing director of the UK-wide mortgage broker, Coreco, Andrew Montlake, said that home purchase and remortgage approvals in November had held up ‘exceptionally well’ for a time when the UK was preparing for the General Election.

The £10.9bn of credit card spending in November 2019 was 3.3% lower than in November 2018, with UK Finance revealing repayments had remained in line with credit card spending, and also suggesting that consumers had been managing their finances responsibly and choosing to use credit cards as a preferred method of payment.

The data showed the level of credit card borrowing had grown by 2.2% in the year to November 2019.

Commenting on the UK Finance figures, Montlake said: “For a lot of British households, November was a classic case of better the devil you know. They chose to get their houses in order and secure a mortgage before a potentially disruptive election result.

“In the week following the General Election result we saw a slight uplift in enquiries, but the buyer spirit was largely trumped by the Christmas spirit. January will be the real test of consumer sentiment as we approach our departure from the EU.

“There is still much uncertainty as to the intricacies of how we leave the EU, but people at least now know it's coming and that creates confidence.

“While we are expecting an uplift in transactions and remortgages, it would be premature to assume that 2020 will be a boom year for the property and mortgage markets. As negotiations with Brussels unfold, there is still the potential for volatility.”

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