Mortgage approvals hit highest level in 14 months

December 10, 2024 by Brendan O'Neill

Surveys and Statistics

New figures released by the Bank of England (BoE) show that the number of net approvals for purchase mortgages during October was the highest in 14 months.

The total number of these approvals for the month was 68,300, which represents a rise of 2,200 compared with the month before. October also marked the fifth month in a row in which net purchase mortgage approval numbers rose. The latest increase took the total to the highest it has been for a single month since August 2022, according to the BoE data.

This was not the only piece of good news for the industry in the latest BoE Money and Credit report. This shows that remortgage approval numbers also rose during October – by 500, making it the third month in a row in which they have gone up, with the final total for the month being 31,400.

The net mortgage lending annual growth rate rose for the month too, reaching 1.1%, compared with 0.9% for September. Again, this has been rising steadily since the early spring, so there is a consistent trend emerging.

Alexander Hall managing director Richard Merrett told Mortgage Introducer that:

“October’s mortgage approval figures demonstrate that, despite the looming uncertainty of the Autumn Budget, buyers continue to enter the market with intent, with a fifth consecutive monthly increase recorded.”

Mortgage advisors who have the CeMAP qualification will be delighted to see these figures, as they show a healthy market that will produce plenty of clients for them.