Mortgage Approvals
Bank of England: Mortgage Approvals Slightly Increase in March
The latest data shows a marginal recovery in mortgage demand, with the highest seen since the mini-budget in September 2022.
Mortgage Approvals Rise 20% Year-on-Year in March
There were 61,325 mortgage approvals for house purchase in March 2024, according to the latest data from the Bank of England. This was a 20% rise year-on-year, and 1% up from February.This latest data shows that mortgage demand continues to recover. Mortgage approvals in March were also the highest since the mini-budget in September 2022. Given the consistent rise in approvals, we expect sales volumes to continue increasing in the coming months.
You can read more about our outlook for mortgage rates and the impact on mortgage approvals in our latest article here.
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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Related Insights
There were 50,459 mortgage approvals for house purchase in December 2023, according to the latest data from the Bank of England.
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The new UK Residential Forecasts report from CBRE provides an overview of our house view for the sector, including forecasts for house prices, sales volumes, new build sales, and private rented sector rents.
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UK residential transactions totalled 82,940 in February 2024 (seasonally adjusted) according to provisional estimates from HM Revenue & Customs (HMRC).
