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Mortgage Approvals Rising at a rapid rate

Mortgage approvals in the United Kingdom have reached their highest level in 13 years, thanks to the government's stamp tax holiday and buyers rethinking their living arrangements in the wake of the coronavirus outbreak.

The number of mortgages sanctioned by banks and building societies for home purchases jumped to 105,000 in November, according to Bank of England figures, the biggest level since August 2007, the month before lineups erupted outside Northern Rock branches at the start of the financial crisis.

After hitting a low point of 9,400 in May, the number of new mortgage approvals has surged more than tenfold, providing an early indicator for borrowing levels in coming months when purchasers take up their mortgage offers.

Threadneedle Street reported the number of monthly approvals jumped by 7,700 from October, indicating a surge in the mortgage market during the month when the government imposed a second national lockdown in England due to significant development of Covid infections.

During the first Covid lockdown, mortgage borrowing fell to a nadir of barely £200 million in April 2020, as the crisis pushed Britain's economy into the worse recession in 300 years. Borrowing reached £5.7 billion in November, up £1.2 billion from October.

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