Mortgage approvals drop but remain above six-month average

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Mortgage approvals drop but remain above six-month average



Mortgage approvals drop but remain above six-month average

Mortgage approvals fell in November 2024 as homebuyers digested the impact of tax rises in the October Budget and interest rate cut expectations dampened.

The latest figures from the Bank of England showed that the level of mortgage approvals in November 2024 dipped to 65,720, down from 68,129 in October.

The figure is still above the six month average of 63,823 though and remains higher than the 50,167 recorded in November 2023.

Nathan Emerson, chief executive of Propertymark, said: “The impact of higher interest rates without doubt has had a profound impact across the housing market.

“Consumers need to feel a degree of confidence within their financial position to approach the buying and selling process, and it is essential that aspects such as inflation are managed robustly to keep long-term stability across the economy, which is needed for a healthy and secure housing market. Propertymark is keen to see interest rates lowered further when conditions permit to help spur growth in 2025.”

Laith Khalaf, head of investment analysis at AJ Bell, added: “The interest rate shock felt by UK homebuyers may well be gradually wearing off as wages rise, helping to make borrowing more affordable. With interest rates expected to fall this year and demand still outstripping supply, the foundations underpinning house price growth look sturdy for 2025. The one potential blot on the landscape is the prospect that the combination of higher business taxes and recessionary forces lead to a rise in unemployment.”

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