Mortgage Approvals up 10% Year-on-Year in NovemberThere were 50,067 mortgage approvals for house purchase in November 2023, according to the latest data from the Bank of England. This was up 10% year-on-year, and 5% up from October 2023. Albeit November’s reading was still 24% below the ten-year average.
These latest data show a rebound in mortgage demand in November, representing the first year-on-year increase since August 2022. This is likely reflective of the Bank of England’s (BoE) decision to hold the base rate at 5.25%. This stability has prompted a fall in mortgage rates and driven a small recovery in demand. With current headlines indicating the lenders are continuing to cut rates, this may continue 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.
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