BoE: November mortgage approvals reached highest level for eight months

The number of UK mortgage approvals hit an eight-month high in November, new lending statistics reveal.

According to the Bank of England’s latest figures, the number of mortgage approvals rose to 67,505 in November, a 0.19% rise on October’s figure of 67,371.

November’s approval levels were therefore the highest recorded since March 2016, when mortgage approvals reached 70,076, however they still fell below the Bank’s predicted level of 68,500.

Jeremy Leaf, estate agent and former RICS residential chairman said:

“Mortgage approval numbers are encouraging as they are reflecting resilience in the market in the autumn following the referendum vote but it remains to be seen whether or not these approvals translate into advances in the new year, which is what we are finding on the ground. It is a positive start to the new year.

“Certainly if the construction figures translate into more supply then that will clearly be encouraging for the market as demand remains healthy irrespective of the many political and economic distractions.”

 

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