Net approvals for house purchases in the United Kingdom, serving as an indicator of future borrowing, decreased to 49.4 thousand in July 2023, down from June's revised figure of 54.6 thousand and falling short of market expectations of 51.0 thousand. The data suggests that housing activity remained subdued due to the Bank of England's aggressive tightening path, which has impacted demand for mortgages. In the same period, approvals for remortgaging, capturing only those involving a different lender, increased to 39.3 thousand from June's 39.1 thousand. The ‘effective’ interest rate, representing the actual interest rate paid on newly drawn mortgages, rose by 3 basis points to 4.66 percent in July. Simultaneously, the rate on the outstanding stock of mortgages increased by 5 basis points to 2.97 percent. source: Bank of England

Mortgage Approvals in the United Kingdom averaged 82.28 Thousand from 1986 until 2023, reaching an all time high of 151.80 Thousand in May of 1988 and a record low of 9.39 Thousand in May of 2020. This page provides the latest reported value for - United Kingdom Mortgage Approvals - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United Kingdom Mortgage Approvals - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

Mortgage Approvals in the United Kingdom is expected to be 47.00 Thousand by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United Kingdom Mortgage Approvals is projected to trend around 51.20 Thousand in 2024 and 55.00 Thousand in 2025, according to our econometric models.

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United Kingdom Mortgage Approvals



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-07-31 08:30 AM Jun 54.662K 51.143K 49K 47.0K
2023-08-30 08:30 AM Jul 49.444K 54.605K 51K 51.7K
2023-09-29 08:30 AM Aug 49.444K 55.1K


Related Last Previous Unit Reference
Mortgage Approvals 49.44 54.61 Thousand Jul 2023
Home Loans 230.00 105.00 GBP Million Jul 2023
Mortgage Rate 7.68 7.54 percent Jul 2023

United Kingdom Mortgage Approvals
Mortgage approvals for house purchase refers to the firm offers of lenders to advance credit secured on specific dwellings to their customers. It covers approvals that are fully secured on residential property by a first mortgage. It includes existing borrowers transferring their existing mortgage to another property, lending to first-time purchasers and lending for buy-to-let purposes.
Actual Previous Highest Lowest Dates Unit Frequency
49.44 54.61 151.80 9.39 1986 - 2023 Thousand Monthly

News Stream
UK Mortgage Approvals Fall More than Expected
Net approvals for house purchases in the United Kingdom, serving as an indicator of future borrowing, decreased to 49.4 thousand in July 2023, down from June's revised figure of 54.6 thousand and falling short of market expectations of 51.0 thousand. The data suggests that housing activity remained subdued due to the Bank of England's aggressive tightening path, which has impacted demand for mortgages. In the same period, approvals for remortgaging, capturing only those involving a different lender, increased to 39.3 thousand from June's 39.1 thousand. The ‘effective’ interest rate, representing the actual interest rate paid on newly drawn mortgages, rose by 3 basis points to 4.66 percent in July. Simultaneously, the rate on the outstanding stock of mortgages increased by 5 basis points to 2.97 percent.
2023-08-30
UK Mortgage Approvals Rise to 8-Month High
Net approvals for house purchases in the United Kingdom, which serve as an indicator of future borrowing, increased to 54.7 thousand in June 2023, up from the revised 51.1 thousand recorded in the previous month, surpassing market expectations of 49.0 thousand. This was the highest level of net house purchase approvals since October 2022. However, the number remained below the monthly average for 2022, which stood at 62.7 thousand. Likewise, approvals for remortgaging, which only capture remortgaging with a different lender, increased to 39.1 thousand from 34.1 thousand in May. The ‘effective’ interest rate, the actual interest rate paid, on newly drawn mortgages rose by 7 basis points to 4.63 percent in June, while the rate on the outstanding stock of mortgages also increased by 10 basis points to 2.92 percent.
2023-07-31
UK Mortgage Approvals Rise More than Expected
Net approvals for house purchases in the United Kingdom, which serve as an indicator of future borrowing, increased to 50.5 thousand in May 2023, up from the revised 49.0 thousand recorded in the previous month and surpassing market expectations of 49.7 thousand. However, despite the positive uptick, the latest reading still reflected a relatively weak housing market, influenced by the Bank of England's unprecedented policy tightening and the persistent high levels of inflation. Likewise, approvals for remortgaging, which only capture remortgaging with a different lender, increased to 33.6 thousand from 32.5 thousand in April. The ‘effective’ interest rate, the actual interest rate paid, on newly drawn mortgages rose by 10 basis points to 4.56 percent in May, while the rate on the outstanding stock of mortgages also increased by 7 basis points to 2.82 percent.
2023-06-29