Data from the Bank of England shows that the “broadly stable” activity seen since 2016 continued into the final month of 2018, resulting in households borrowing £4.1bn against their properties.
This is up from November’s figure of £3.6bn and just above the six-month average of £3.9bn.
The data also shows that 63,793 house purchases were approved in December, worth a combined value of £11.9bn, down slightly from November’s 63,952 at £12bn.
Within the same time frame, 47,902 remortgages at a value of £8.5bn were approved, slight drops from 48,558 and £8.7bn, respectively.
In total, the value of loan approvals in December 2018 came to £21.1bn, down from the £21.3bn recorded in November, and down slightly from the previous six-month average of £21.7bn.
One77 Mortgages managing director Alasatair McKee comments: “While many have been preparing to place the last nail in the coffin of the UK property market ahead of any EU resolution that may occur, a monumental surge in lending suggests that there’s not only life in the old dog yet, but it could well make it to Crufts this year.