Mortgage approvals jump 16% in August

Mortgage approvals increased by 16% in August, with Bank of England figures showing that lenders approved 74,300 homebuyer loans. This compares to 63,700 in July and represents the highest number since the start of the year. It also reverses a series of declines recorded in the past few months. Approvals for re-mortgaging also increased to 49,400 in August, up from 48,400 in July. Net mortgage borrowing rose by £1bn to £6.1bn, compared with a pre-pandemic average of £4.3bn. Samuel Tombs, chief UK economist at Pantheon Macroeconomics said the “sudden leap” in house purchase mortgage approvals in August “likely reflects people attempting to secure loans ahead of expected increases in mortgage rates, rather than a fundamental strengthening of demand.” 

Daily Mail (30/09/2022)   Evening Standard (30/09/2022)   The I (30/09/2022)   The Times (30/09/2022)