In July, UK mortgage approvals reached a 2-year high of 62,000 due to lower interest rates.
Mortgage approvals for UK homebuyers reached a 2-year high in July, with 62,000 approvals, as lower interest rates made monthly repayments more affordable. This rise in mortgage approvals resulted in the highest total loan amount since November 2022 at £2.8 billion. Experts remain cautiously optimistic about the property market recovery, but warn that potential tax increases and budget cuts in the upcoming October Budget could negatively impact the market.
August 30, 2024
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