UK mortgage approvals rising Jan 16, 2025

Last October, mortgage approvals exceeded expectations and reached the highest level since August 2022*.

Liz Truss’ ‘mini budget’ in September 2022 caused mortgage approvals to plummet. Since then, the housing and mortgage markets have been slowly recovering, with the Bank of England tentatively reducing interest rates in recent months. 

Statistics from October 2024 were promising, as there were 68,303 mortgage approvals for house purchases – up from 66,115 the previous month. Net mortgage lending also increased more than expected, reaching £3.435bn – the highest since September 2022. However, annual consumer credit growth slowed to 7.3% - its weakest rate since January 2023.

Your home may be repossessed if you do not keep up repayments on your mortgage 

* Reuters, 2024