London Oct 29 (BAN/SL) – Bank of England’s data shows that the highest number of mortgages were approved last month since September 2007
Mortgage approvals jumped to 66,300 from just under 40,000 in June and seven times higher than their coronavirus pandemic low of barely more than 9,000 in May. They then jumped to 91,454 mortgage approval up to September jumping from August’s already-high reading of 85,530. Property market has boomed since lockdown and was further fuelled after finance minister Rishi Sunak temporarily suspended property purchase taxes in July.
Earlier this month, mortgage lender Halifax reported a 7.3% annual rise in house prices for September, the biggest increase since 2016.
Despite the capital experiencing a flurry in sales activity, RICS said London house prices remain negative — the only region across the UK to still experience prices falling.
The rapid rebound in the property market contrasts with a gloomier picture for many other parts of Britain’s economy, which shrank by 20% in the three months to June. Output in August was still 9% lower than before the pandemic.