The value of approvals issued for house purchase lending in the United Kingdom (UK) plummeted in the beginning of the coronavirus pandemic, reaching a record-low of 1.9 billion British pounds in May 2020. In the second half of the year, the release of pent up demand led to the value of approvals spiking at close to 22 billion British pounds in December 2020. With mortgage rates increasing in response to stubborn inflation, the value of mortgage approvals saw a substantial decrease in 2022. Remortgage approvals followed a similar trend.
Value of approvals for house purchase lending in the United Kingdom (UK) from January 2010 to May 2023
(in million GBP)
Characteristic
Value of approvals in million GBP
May '23
11,089
Apr '23
10,891
Mar '23
11,353
Feb '23
9,509
Jan '23
8,442
Dec '22
8,778
Nov '22
9,723
Oct '22
12,969
Sep '22
15,306
Aug '22
17,185
Jul '22
15,260
Jun '22
14,748
May '22
15,551
Apr '22
15,779
Mar '22
16,234
Feb '22
16,391
Jan '22
17,466
Dec '21
16,776
Nov '21
15,496
Oct '21
15,198
Sep '21
15,600
Aug '21
15,367
Jul '21
15,683
Jun '21
16,702
May '21
18,582
Apr '21
18,742
Mar '21
16,640
Feb '21
18,213
Jan '21
21,991
Dec '20
22,757
Nov '20
22,910
Oct '20
21,833
Sep '20
20,376
Aug '20
18,295
Jul '20
14,226
Jun '20
8,277
May '20
1,886
Apr '20
3,162
Mar '20
11,231
Feb '20
14,742
Jan '20
14,310
Dec '19
13,700
Nov '19
13,300
Oct '19
12,874
Sep '19
12,979
Aug '19
13,096
Jul '19
13,214
Jun '19
12,894
May '19
12,678
Apr '19
12,398
Mar '19
11,771
Feb '19
12,160
Jan '19
12,240
Dec '18
12,059
Nov '18
12,213
Oct '18
12,662
Sep '18
12,410
Aug '18
12,505
Jul '18
12,185
Jun '18
12,319
May '18
12,038
Apr '18
11,673
Mar '18
11,490
Feb '18
11,674
Jan '18
11,987
Dec '17
11,834
Nov '17
12,063
Oct '17
11,921
Sep '17
12,137
Aug '17
12,141
Jul '17
12,388
Jun '17
11,935
May '17
11,861
Apr '17
12,215
Mar '17
12,276
Feb '17
12,410
Jan '17
11,933
Dec '16
12,379
Nov '16
12,159
Oct '16
12,168
Sep '16
11,376
Aug '16
10,468
Jul '16
10,796
Jun '16
11,469
May '16
11,888
Apr '16
12,123
Mar '16
12,703
Feb '16
12,738
Jan '16
12,922
Dec '15
12,513
Nov '15
12,268
Oct '15
12,423
Sep '15
12,495
Aug '15
12,419
Jul '15
12,180
Jun '15
11,577
May '15
11,110
Apr '15
11,498
Mar '15
10,415
Feb '15
10,232
Jan '15
10,005
Dec '14
9,901
Nov '14
9,835
Oct '14
9,983
Sep '14
10,093
Aug '14
10,656
Jul '14
10,951
Jun '14
10,881
May '14
10,179
Apr '14
10,608
Mar '14
10,957
Feb '14
11,102
Jan '14
11,623
Dec '13
12,248
Nov '13
11,193
Oct '13
10,627
Sep '13
10,168
Aug '13
9,611
Jul '13
9,181
Jun '13
9,000
May '13
8,951
Apr '13
8,433
Mar '13
8,092
Feb '13
7,754
Jan '13
7,619
Dec '12
8,036
Nov '12
7,807
Oct '12
7,617
Sep '12
7,502
Aug '12
7,252
Jul '12
7,004
Jun '12
7,196
May '12
7,442
Apr '12
7,660
Mar '12
7,583
Feb '12
7,390
Jan '12
8,195
Dec '11
7,376
Nov '11
7,388
Oct '11
7,244
Sep '11
7,209
Aug '11
7,328
Jul '11
7,200
Jun '11
6,845
May '11
6,417
Apr '11
6,408
Mar '11
6,677
Feb '11
6,294
Jan '11
5,906
Dec '10
5,926
Nov '10
6,420
Oct '10
6,620
Sep '10
6,503
Aug '10
6,577
Jul '10
6,951
Jun '10
7,031
May '10
7,073
Apr '10
7,073
Mar '10
6,802
Feb '10
6,363
Jan '10
6,679
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Bank of England. (July 11, 2023). Value of approvals for house purchase lending in the United Kingdom (UK) from January 2010 to May 2023 (in million GBP) [Graph]. In Statista. Retrieved August 24, 2024, from https://www.statista.com/statistics/428609/uk-banking-value-approvals-house-purchase-lending/
Bank of England. "Value of approvals for house purchase lending in the United Kingdom (UK) from January 2010 to May 2023 (in million GBP) ." Chart. July 11, 2023. Statista. Accessed August 24, 2024. https://www.statista.com/statistics/428609/uk-banking-value-approvals-house-purchase-lending/
Bank of England. (2023). Value of approvals for house purchase lending in the United Kingdom (UK) from January 2010 to May 2023 (in million GBP) . Statista. Statista Inc.. Accessed: August 24, 2024. https://www.statista.com/statistics/428609/uk-banking-value-approvals-house-purchase-lending/
Bank of England. "Value of Approvals for House Purchase Lending in The United Kingdom (Uk) from January 2010 to May 2023 (in Million Gbp) ." Statista, Statista Inc., 11 Jul 2023, https://www.statista.com/statistics/428609/uk-banking-value-approvals-house-purchase-lending/
Bank of England, Value of approvals for house purchase lending in the United Kingdom (UK) from January 2010 to May 2023 (in million GBP) Statista, https://www.statista.com/statistics/428609/uk-banking-value-approvals-house-purchase-lending/ (last visited August 24, 2024)
Value of approvals for house purchase lending in the United Kingdom (UK) from January 2010 to May 2023 (in million GBP) [Graph], Bank of England, July 11, 2023. [Online]. Available: https://www.statista.com/statistics/428609/uk-banking-value-approvals-house-purchase-lending/