Bank of England sees huge surge in mortgage approvals

The latest figures show there were some 66.3k mortgage approvals in July, The highest since February of this year and close to the same level seen in July of last year. 

Managing Director of Enness Global Mortgages, Hugh Wade-Jones commented “The latest rate of mortgage approvals is really quite astonishing given the dire position of the market just a few short months ago. There is no doubt that the huge surge of buyer demand seen once the market reopened has been seriously turbo-charged due to the stamp duty holiday announced shortly after. With the combination of both causing buyers to return to the market at mass. 

As a result, we’ve seen the number of people approved for a mortgage rebound from the depths of pandemic paralysis in May to hit almost the same levels as this time last year in just two months, with the current trajectory sure to return the market to pre-lockdown levels in no time.  

The rate of this return to form really shouldn’t be underestimated and these notably heightened levels of buyer demand should prove just the medicine for the UK property market, reversing any pandemic decline in house price growth seen during lockdown.”