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There have been notable developments in the last few months regarding mortgages and sales, with the changes in government and mortgage prices becoming more accessible and affordable.
July data just released by the Bank of England saw a pick-up in mortgage approvals to just shy of 62,000, the highest monthly rate since the Truss mini-budget in September 2022.
This July mortgage data precedes the Bank of England's first interest rate cut in August but shows the building sentiment towards the housing market as mortgage rates moved down ahead of the Bank of England meeting. Showing that this increase still has potential to grow further.
With mortgage rates moving lower again since, mortgage approval volumes should strengthen further over the next few months which in turn will feed into higher transaction numbers.
Source: Dataloft by PriceHubble, Bank of England
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