Mortgage Approvals
Bank of England: Mortgage Approvals Continue to Increase in December
The latest data shows a further recovery in mortgage demand, with the largest annual increase since June 2021.
Mortgage Approvals up 26% Year-on-Year in December
There were 50,459 mortgage approvals for house purchase in December 2023, according to the latest data from the Bank of England. This was up 26% year-on-year, and 2% up from November 2023. Albeit December’s reading was still 23% below the ten-year average. Total approvals in 2023 were 576,278, which was 23% lower than 2022.These latest data show a further recovery in mortgage demand, with the largest annual increase since June 2021. This is reflective of the stable interest rate environment which has driven lower mortgage rates. This recovery is expected to continue in the coming months given the continued drop in mortgage rates at the start of 2024.
Mortgage approvals for house purchase to individuals (seasonally adjusted), United Kingdom
Disclaimer: CBRE's Residential Rapid Response provides timely analysis and commentary of the latest residential market data releases.
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