Mortgage approvals at highest levels in over a decade

In the Bank of England’s Money and Credit report, it details that mortgage approvals are at a 13-year high, with an additional £4.3bn secured borrowing in October.

Jeremy Leaf, former RICS residential chairman and a north London estate agent, said:

“We expect the numbers to remain robust for a least the next month or two until the reduction in activity which we have noticed over the last few weeks as the stamp duty deadline draws close, begins to have an impact on transaction numbers. The underlying strength of the market does not appear to be waning, at least for the time being.”

The October approval figures exceeded that of the ‘Boris bounce’ where £3.9bn was secured in between September 2019 and February 2020.

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