UK mortgage approvals recover to 58,200 in June, up from 56,600 in May and above forecasts

Net mortgage approvals for house purchase rose to 58,200 in June, up from a revised 56,600 in May and above the 57,100 economists forecast, Bank of England data showed on 29 July. Net mortgage borrowing jumped to £7.7bn from £3.3bn as some buyers who paused in spring came back, helped by lenders trimming selected fixed rates. For buyers that means a slightly busier market to compete in; for sellers, firmer demand sitting behind offers. It is a modest bounce, though — approvals stay below the six-month average of around 61,400, and the effective rate on new mortgages ticked up to 4.35%, its highest in over a year.