The number of mortgage approvals made to home buyers jumped in March to the highest level since September 2022, according to Bank of England figures
Approvals for remortgaging decreased from 37,700 to 34,200 over the same period, according to the Bank of England’s Money and Credit report. Emily Williams, director of research at estate agent Savills, said: “We expect the market to continue to be somewhat stop-start until the Bank of England can definitively signal the end of the battle to control inflation through a cut to the base rate.”
Nathan Emerson, chief executive of property professionals’ body Propertymark, said: “The Bank of England’s next announcement on interest rates is eagerly awaited and we now hope the next phase of reducing borrowing rates will help better the affordability of prospective or current homeowners happens soon.”
Tom Bill, head of UK residential research at Knight Frank, said: “A wave of owners rolling off sub-2% mortgages agreed in early 2022 is adding to the financial pressures in the system. Iain McKenzie, chief executive of the Guild of Property Professionals, said: “Buyers have adjusted their expectations in line with the changes in their affordability, but sellers are also much more open to negotiate, helping to get more sales over the line.
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Home-buyer mortgage approvals jump to highest level since September 2022Home sales across the UK also increased in March, for the third month in a row.
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