Thursday, 28 January 2021

Mortgage approvals

UK mortgage approvals have risen to the highest level in 13 years, driven by the Government’s stamp duty holiday and buyers reassessing their living situation during the coronavirus pandemic.

Figures from the Bank of England showed the number of mortgages approved by banks and building societies for home purchases had leapt to 105,000 in November.

This is the highest figure since August 2007, the month immediately before queues formed outside branches of Northern Rock at the start of the financial crisis.

The number of new mortgage approvals, which provide an early indicator for borrowing levels in future months, have increased more than
tenfold, after hitting a low point of 9,400 in May.

Figures from the bank also showed households repaid £1.5billion of credit card debt, personal loans and car finance in November in a reflection of weaker consumer spending during the second national lockdown and some households in which people work from home being able to save money.

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