Home loans hit two-year high

In September, the Bank of England reported a significant increase in mortgage approvals, with 65,600 loans granted, marking a rise of 700 from August. This figure represents the highest level since August 2022. Alice Haine, personal finance analyst for Bestinvest by Evelyn Partners, explained that “lower inflation, improving borrowing conditions and robust income growth have eased the affordability challenge for many buyers.” The report also highlighted a jump in remortgaging approvals, which rose by 3,100 to 30,800. As the Bank of England cut interest rates to 5% in August, the property sector is poised for further activity, although uncertainty looms ahead of the upcoming Budget statement, where Chancellor Rachel Reeves may consider changes to stamp duty. 

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