Mortgage approvals rose to their highest level for nearly 13 years last month in the latest sign of a post-lockdown recovery in the housing market.
The number of home loans signed off rose to 84,715, up from 66,288 the month before, according to latest Bank of England figures.That took mortgage approvals back above pre-pandemic February levels for the first time and was the highest number since October 2007. The Bank of England said it showed"more signs of recovery" for the mortgage market but that it only"partially offsets" weakness between March and June - a period which saw approvals sink toIn total, there have been 418,000 approvals in 2020, compared with 524,000 in the same period in 2019.
Thomas Pugh, UK economist at Capital Economics, said the"mini-boom" in the housing market was due to pent-up demand and the government's stamp duty holiday.
Source: Loan Digest (loandigest.net)
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