BoE reporting rise in mortgage approval numbers

October 8, 2024 by Alan

Surveys and Statistics

The Bank of England (BoE) is reporting that the net number of mortgage approvals went up during August, taking them to their highest level for two years.

The month saw a rise of 3.8% in the net number of approvals compared with July. This took them to a total of 64,900, which represents the highest total for a single month since August of 2022. Mortgage approval numbers during August were at 72,000.

This data is taken from the Money and Credit report issued by the BoE for August. It also shows a significant rise in the number of remortgage approvals during the month. There were 27,200 of these throughout August, which is a month-on-month increase of 7.9%. What makes this data even more encouraging is that it follows five successive months in which remortgage approval numbers dropped.

Mark Harris from SPF Private Clients told Mortgage Strategy that this further increase in net mortgage approvals suggests that the last part of 2024 will be strong for the market.

He then continued by saying:

“Remortgage approvals also picked up after a dip in July, suggesting a growing number of borrowers are drawn to ‘best buy’ rates offered by other lenders, rather than sticking with their existing provider.”

Net mortgage borrowing debt also rose during August, to £2.9 billion. In July, the figure was £2.8 billion.

All of this is positive news for mortgage advisors with the CeMAP qualification, as it will likely mean more buyer and remortgage business coming their way.