Mortgage approvals hit 13 year high !

Posted: 13/11/2020

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Mortgage approvals last month reached their highest number since September 2007 amid pent-up demand in the housing market, the latest figures from the Bank of England show.

The number of mortgage approvals for house purchases increased to a 13-year high of 91,500 in September from 85,500 in August.

The September approval figures were 24% higher than approvals in February, before the coronavirus pandemic.

Households borrowed heavily to purchase property in September, with net mortgage borrowing at £4.8bn, up from £3bn in August.

It is the latest evidence that the recovery of the housing market post-lockdown is continuing, with the average asking price of homes coming on to the market in Britain now at a record high, supported in part by the existing stamp duty holiday.

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