In October 2024, net mortgage approvals for house purchases in the United Kingdom, a key indicator of future borrowing, rose by 2,200 to reach 68,303, marking the highest level since August 2022.
UK mortgage approvals highest since August 2022
Similarly, approvals for remortgaging, which only reflect remortgaging with a different lender, increased for the third consecutive month, reaching 31,400, a month-on-month rise of 500. The 'effective' interest rate, representing the actual rate paid on newly drawn mortgages, fell by 15 basis points to 4.61% in October, the lowest since May 2023.
Interest rates figures
Meanwhile, the interest rate on the outstanding stock of mortgages climbed from 3.74% in September to 3.78% in October, setting another new high.
