The Recovery of Mortgage Approvals

The Recovery of Mortgage Approvals

In this quick article, we take a quick look at the recovery of mortgage approval and remortgage approvals

  • Mortgage approvals in August saw a 29% annual increase. The lockdown backlog is clearing and increased buyer demand, generated by the stamp duty holiday and lifestyle changes, has boosted figures.
  • 190,902 mortgages have been approved in the last 3 months, -4% below the same time last year. The number of approvals for remortgages saw an annual decline of -33% in August, and a -27% decline in the last 3 months, compared to the same time last year.
  • The decline in remortgages is likely to be caused by the 53% increase in buyer demand from existing homeowners (Zoopla). Many homeowners will opt to apply for new mortgages, keen to secure them on their current economic situation and make the most of the stamp duty holiday.
  • If mortgage approvals continue to climb we will be in new territory. Savills forecast c.1.1 million transactions in 2020, with only 594,760 sales estimated to have completed so far, a lot more are to come.Source: Dataloft, Bank of England


Get in touch with us

When selling your home, the initial asking price and contract terms significantly impact your experience. Discover why a realistic price from the outset, combined with a flexible agency agreement, is crucial for a smooth and successful sale.

What does Attleborough really look like beyond house prices? This map highlights where larger households are most common, revealing where families and shared living arrangements are concentrated. The pattern shows how different neighbourhoods function as distinct micro markets, each shaped by the people who live there. Click to learn more...

A delightful 2-bedroom modern cottage-style mid-terrace cottage in a desirable mews location in well served village of East Harling. Featuring a cosy sitting room, a well-appointed kitchen/breakfast room, and an enclosed patio garden with off-road parking, it offers comfortable living in a pleasant non-estate village setting.

Across almost every UK region, houses are more likely to sell than flats. In some areas the gap is small, in others it is dramatic. Scotland is the only exception, where flats outperform houses. So what is driving this divide, and what does it mean for homeowners in Attleborough? Click to learn more...