Mortgage approvals hit a two-year high

Recent data* has revealed that, in August, mortgage approvals hit the highest level in two years.

An increase in net approvals

Net mortgage approvals rose for the third consecutive month in August, reaching 64,900 – the highest since August 2022 which saw 72,000 approvals. This uptick will be promising news for the housing market, as mortgage approvals are indicative of future borrowing. The number of remortgage approvals also increased to 27,200.

A rise in lending

Lending has also risen; in August, individuals borrowed a net total of £2.9bn of mortgage debt – a marginal increase on the previous month (£2.8bn). Plus, the annual growth rate for net mortgage lending rose for the sixth month in a row, reaching 0.7% – the highest since August 2023 when annual growth was 1.0%. Meanwhile, gross lending increased month-on-month by £0.3bn to £19.9bn in August 2024, and gross repayments went up by £1.3bn to £18.4bn over the same period.

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Your home may be repossessed if you do not keep up repayments on your mortgage

You may have to pay and early repayment charge to your existing lender if you remortgage

*Bank of England, 2024

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23 December, 2024

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