Mortgage approvals hit three-month high
UK mortgage approvals exceeded expectations in October, with net mortgage approvals for house purchases rising to 47,400 in October from 43,700 in September, the latest Bank of England data showed yesterday.
The number in October was well above economists’ expectations of 45,000 and the highest since July, but more than a quarter – 28% – below its level in October 2019, before the pandemic.
Net approvals for remortgaging increased to 23,700 from 20,600 in the corresponding period.
The data suggests an easing in the housing downturn, after a fall in the cost of some popular mortgage products following the Bank of England’s decision to leave interest rates unchanged at 5.25% in September and November.
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