Bank of England: Mortgage Approvals up 3% From September

Mortgage Approvals up 3% From September

There were 68,303 mortgage approvals for house purchase in October 2024, according to the latest data from the Bank of England. This is up by 3% from September and is the fifth consecutive month-on-month rise. The number of mortgage approvals is now higher than the long-term average, and in the first ten months of 2024 is 31% higher than the same period of 2023.

The outlook for the rest of 2024 remains positive. The RICS monthly survey reported a positive 3-month outlook for sales expectations and demand for housing remains relatively strong. As such, we expect mortgage approvals and transaction volumes to continue to trend higher for the remainder of this year. 

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.