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.
What this means for…
Buyers· 2/3
Sellers· 2/3
Wider market· 2/3
Each axis scored 1 (minor) to 3 (major). Total 6/9.
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