Mortgage approvals rebound but still 46% below pre-COVID levels

Figures from the Bank of England show that mortgage approvals rebounded strongly from a record low of 9,300 in May to 40,000 in June, but remained 46% below February’s total of 73,300. Gross new borrowing was £15.8bn in June, up slightly from £15bn in May but below the February level of £23.4bn. On a net basis, lending reached £1.9bn in June, up from £1.3bn in May, but 54% lower than February’s £4.1bn. Approvals for remortgage (not including product transfers) increased from 30,700 in May to 36,900 in June, but they remain 30% lower than in February.

The I (29/07/2020)   Daily Mail (29/07/2020)  Financial Times (29/07/2020)  The Daily Telegraph (29/07/2020)  The Times (29/07/2020)