Back to all Blog 28 August 2024

BoE heralds ‘optimism’ as mortgage lending picks up

Mortgage lending has hit the highest level since November 2022. 

 
Mortgage approvals on house purchases increased slightly last month, up 2.3% from a revised June figure to 61,985 in July, according to the Bank of England’s latest Money & Credit Report. That revision of June’s figures means mortgage approvals have picked up for two consecutive months, boding well for future transaction volumes. Approvals remain considerably higher (+26.5%) than the 49,015 seen in the subdued July 2023, and the BoE team says “there is also optimism for further mortgage approval increases in the coming months, especially if another bank rate cut materialises in September.” Individuals borrowed £2.8bn (net) of mortgage debt in July, the highest since November 2022 (£3.3bn), and up from £2.6bn in June.

The “effective” interest rate – the actual interest paid – on newly drawn mortgages was broadly unchanged at 4.81% in July. The rate on the outstanding stock of mortgages rose by 4 basis points to 3.69% in July, from 3.65% in June.

Property News and Blog

Read about our latest property news and get our regular property market updates from the team at Ian Green Residential, including specialist market news for Little Venice, Regent’s Park and St John’s Wood.

‘Promising signs’ for Prime London’s property market as under offers jump by 22% - Ian Green Residential
‘Promising signs’ for Prime London’s property market as under offers jump by 22%
‘Socially distanced’ viewings & digital deals: How the property market could function post-lockdown - Ian Green Residential
‘Socially distanced’ viewings & digital deals: How the property market could function post-lockdown
‘Unexpected mini-boom’ pushes asking prices to a record high - Ian Green Residential
‘Unexpected mini-boom’ pushes asking prices to a record high
View All

Useful Links

How much is my property worth?

Accurate, impartial house valuation gives you the means to make better property decisions.

get a valuation
Let’s start a conversation

At Ian Green Residential, we are here to assist you with all your property needs. Whether you have a general enquiry, or require a private consultation, our team is ready to help. Contact us today, and let us provide you with the support and information you need!

T: 020 7586 1000