Mortgage approvals soar to new heights

The number of mortgages approved for home buyers reached 62,000 in July, the highest since September 2022, according to the Bank of England's Money and Credit report. This increase from 60,600 approvals in June indicates a potential upward trend in housing activity for the remainder of the year. Thomas Pugh, an economist at RSM UK, remarked: “The jump in net mortgage approvals to 62,000 in July strongly suggests that housing activity will continue to trend upwards over the rest of this year.” Experts predict further increases in mortgage approvals as interest rates decline, with Rob Wood from Pantheon Macroeconomics forecasting a rise to 65,000 in the coming months. 

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