July figures show rise in mortgage approvals

September 8, 2024 by Brendan O'Neill

Property Market

The latest set of figures to be released by the Bank of England (BoE) show that July brought a rise in the net number of mortgage approvals, which took them to their highest level since 2022.

These figures are taken from the new Money and Credit report. They reveal net mortgage approval numbers of 62,000 for July. That is the highest number for a single month that the market has seen since the 65,100 recorded during September of 2022. It also represents an increase when looked at on a month-to-month basis, with the figure for June having been 60,600.

The July rise in net mortgage approval numbers means that they have now gone up for two months in a row. May was the last month that did not bring growth to that area of the mortgage market.

When viewed from an annual perspective, the level of growth looks particularly encouraging. Approval levels for July 2024 were +26.5% higher than during the same month last year. Back then, the figure was 49,015.

The month also brought a rise in the year-on-year net lending growth rate. This hit 0.6% for July, having gone up to 0.5% the month before, offering further signs of consistent growth within the market.

Alice Haine from Bestinvest argued that a combination of rises in wages and reductions in the rates offered by mortgage lenders was behind the new figures.

Mortgage advisors who have completed the CeMAP course will be delighted to see more borrowers getting their applications approved by UK lenders.