Mortgage approvals hit two-and-a-half year high

Mortgage approvals hit their highest level in nearly two-and-a-half years in December, according to Bank of England data. Figures from the Bank of England show that the number of mortgages approved last month jumped to £4.6bn, some £400m more than the average for the previous six months. The figures suggest a precursor to the 'Boris Bounce' described by estate agents in the weeks following the election, which saw an uptick in the number of buyers and sellers coming to market. “Mortgage approvals in December were highly likely significantly lifted by increased confidence and reduced uncertainties among housing market participants following the decisive general election result,” commented Howard Archer, chief economic advisor to the EY Item Club.

Daily Mail (01/02/20) The Independent (01/02/20)   The Times (01/02/20)