Surge In UK Mortgage Approvals

   

July data released by the Bank of England in early September saw a pick-up in mortgage approvals to just shy of 62,000. This is the highest monthly rate since the Truss mini budget in September 2022.

This July mortgage data precedes the Bank of England's first interest rate cut in August but shows the building sentiment towards the housing market as mortgage rates moved down ahead of the Bank of England meeting.

With mortgage interest rates falling again since July 2024, mortgage approval volumes should strengthen further over the next few months which in turn will feed into higher transaction numbers.

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Source: Dataloft by PriceHubble, Bank of England