Mortgage approvals: a year in review
4th September 2023
Mortgage approvals lead trends in residential sales activity by around 3 months. As such, mortgage approvals will be a key leading indicator to monitor for more signs of market activity over coming months.
The number of approvals has risen since the beginning of 2023 but remains below usual levels. In the year to end July, approvals averaged 51,600 a month. This is 21% below levels recorded in the 7 years prior to the Covid pandemic.
Whilst inflationary pressures certainly persist, recent inflation data has been encouraging. Interest rates are forecast to peak this year and start falling in 2024. Any pick-up in market activity will show first in mortgage approvals.
Mortgage approvals were at their lowest in December 2022 and January 2023. In part a seasonal impact but largely a reaction to inflation and interest rate uncertainty.
Source #Dataloft, Bank of England
Employee of the Month – April 2024
9th April 2024
Our Employee of the Month for April 2024 is one of our Maintenance Administrators – Maddie Breed! Maddie has been…
Sales Blossom in Spring
9th April 2024
In the past five years (excluding 2020 due to Covid), springtime bloomed with 27% of home sales, the highest proportion…
Spring budget 2024
7th March 2024
The Spring Budget this year felt very much like a keep calm and carry on budget for the housing market….