Property News · July 31, 2023

UK mortgage approvals rise despite surge in borrowing rates


Surprise jump in demand for home loans as borrowers ‘scramble’ to get ahead of interest rate increasesAnalysis – mortgage rates show sign of easingBusiness live – latest updatesMortgage approvals in the UK rose to their highest level since October 2022 last month amid signs of a scramble to secure home loan deals before an expected surge in interest rates.New data from the Bank of England revealed a surprise increase in demand for mortgages, with the increase from 51,100 in May to 54,700 in June confounding expectations in the financial markets of a fall to 49,000. Continue reading…

Source : theguardian.com
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