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- May
5th June 2025
A huge well done to our HR coordinator and May employee of the month Jenni Prentice-Holmes! Jenni is a breath…
Employee of the Month- April 2025
12th May 2025
A huge congratulations to Patrick Hession, our Senior Lettings Negotiator, for being named Employee of the Month! Patrick has gone…
Best Cafés to Study in Brighton
7th May 2025
After months of studying at home or in the uni library, many students are finding that staying productive in the…
