Mortgage approvals for residential property purchases remained broadly unchanged in November, when compared with a month earlier, as activity in the housing market returns to what has been described as ‘normal territory’ following last year’s housing market boom fuelled by the government’s stamp duty holiday.
According to the Bank of England’s (BoE) Money and Credit statistics, 66,964 mortgage approvals were issued in November, marginally lower than the 67,103 recorded in October. This was the lowest number of approvals since June’s 40,500 but close to the 12-month average in the year to February 2020.
Remortgage approvals reached 44,529, up from 41,978 a month earlier.
Jeremy Leaf, north London estate agent, said: “These figures show that the housing market is moving into more ‘normal territory’ as mortgage approvals return close to their pre-Covid averages.
Read the full article on Property Industry Eye | JANUARY 5, 2022 | MARC DA SILVA
Estate Agents
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