Mortgage Approvals
Bank of England: Mortgage Approvals Fall Further in September
Mortgage approvals appear to fall further in September according to the latest data from the Bank of England.
Mortgage Approvals Down 32% Year-on-Year in September
There were 43,328 mortgage approvals for house purchase in September 2023, according to the latest data from the Bank of England. This is down 32% year-on-year, and 5% below the previous month. September’s reading was also 34% below the ten-year average.These latest data continue to show subdued mortgage demand. In September, the Bank of England voted by a margin of 5-4 to pause and hold the base rate at 5.25%.
It is possible we have reached the peak in rates, but any surprise in inflation could lead to a further hike. As such, our house view has pencilled in one further 25bp rise with rates peaking at 5.5% in Q4 2023.This would continue to impact mortgage affordability and result in muted buyer demand in the coming months.
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.
Contact Our Team for Advice
Our team of experienced agents are on hand to help make your buying process as smooth as possible. As well as to provide insightful advice on your current position.
.jpg)
