Mortgage approvals soar to two-year high

Mortgage approvals soar to two-year high

Mortgage approvals have reached a two-year high in September, with 65,600 loans approved, according to the Bank of England.

This surge, the highest since August 2022, is attributed to falling borrowing costs following the Bank’s first interest rate cut since the pandemic.

Remortgaging approvals also increased. Experts suggest that lower inflation and robust income growth have improved affordability for buyers.



Meanwhile, Bank of England data shows consumer credit borrowing declined, and household deposits increased, indicating a trend towards saving amidst potential tax increases.

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