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Mortgage approvals hit highest level since March – Bank of England

Mortgage approvals reached a seven-month high in October, Bank of England figures have revealed.

The Bank’s Money and Credit figures for October showed there were 67,518 mortgage approvals for house purchase in October, up from 62,932 in September and just below the March high of 69,994.

It is also above the six-month average of 63,914.

The value of lending has also increased 3.1% year-on-year to £19.9bn in October.

Mark Dyason, director of brokers Edinburgh Mortgage Advice, suggests people are rushing into action before Brexit negotiations begin.

He said: “The strong October mortgage approvals data for house purchases underlines how Brexit has actually spurred people into action rather than driven them away from property.

“People are aware that rates have never been better and at the same time are uncertain about what’s coming next politically.

“As a result, they’re moving now rather than risk getting their plans skewered by some other major development in 2017.

“Brexit has created uncertainty but increasingly that uncertainty is causing people to act rather than do nothing. Uncertainty is emboldening buyers to take action.

Prices in many areas, and certainly the south of England, are a lot more attractive than they were a year or so ago. In many cases it’s a buyer’s market and they are increasingly taking advantage of this fact.

“Better prices and the best mortgage rates you could imagine in a political environment that could change very quickly is causing people to act.”

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