Mortgage approvals at two-year high

Mortgage approvals for July hit a two-year high, according to the latest Bank of England data. Lenders approved 67,306 mortgages last month, up from 66,506 in June, while net mortgage lending rose by £4.6bn, or 1.2%, the largest increase since March 2016. So far this year more than 461,000 mortgages have been approved for movers. However Hansen Lu at Capital Economics warned that transactions this year would fall by 1% if the UK struck a deal to leave the EU – and by as much as 10% in a no-deal Brexit scenario. “We think the mid-year recovery in lending will be cut short,” he said.

City AM (30/08/2019)   The Daily Telegraph (30/08/2019)   Daily Mail (30/08/2019)