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Mortgage approvals hit 13-year high

The number of mortgages approved for people buying a home JUST falls short of 100,00

News Team | 30th November, 2020

As consumers scramble to take advantage of the governments stamp duty holiday on homes costing up to £500,000 the total number of loans approved during the month of October peaked to a record 13-year high of 97,500 loans equaling £20.6bn in purchase value according to the Bank of England.

This, it says, is the highest number since 2007. Loan approvals have been steadily rising since August when 84,700 mortgages equaling £18.8bn were approved followed by 91,500 mortgage approvals in September

Many analysts have warned that the government’s stamp duty holiday, which began in July and runs out in March, is creating a mini housing bubble


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