Being approved for a mortgage is one of the first steps in purchasing a home, which makes it an early indicator about the development of transaction volumes. However, a mortgage approval does not necessarily mean that a sale is going to take place, as home buyers need to undergo several other steps to complete the sale: conveyancing, or the process of transferring the legal title of the property from the seller to the buyer, a property survey, contracts exchange, and closing. The total monthly number of mortgage approvals for the purpose of a house sale in the UK plummeted in May 2020 during the coronavirus lockdowns, followed by a spike in November 2020. In 2021, interest rates started to rise, resulting in a decline in the volume of mortgage approvals declined. In July 2023, the number of mortgage approvals stood at approximately 49,000.
Total number of mortgage approvals in the United Kingdom (UK) from January 2012 to July 2023, by loan type
(in 1,000s)
Characteristic
House purchase
Remortgaging
Other loans
Total
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Bank of England. (September 25, 2023). Total number of mortgage approvals in the United Kingdom (UK) from January 2012 to July 2023, by loan type (in 1,000s) [Graph]. In Statista. Retrieved July 03, 2024, from https://www.statista.com/statistics/872607/number-of-mortgage-approvals-united-kingdom/
Bank of England. "Total number of mortgage approvals in the United Kingdom (UK) from January 2012 to July 2023, by loan type (in 1,000s)." Chart. September 25, 2023. Statista. Accessed July 03, 2024. https://www.statista.com/statistics/872607/number-of-mortgage-approvals-united-kingdom/
Bank of England. (2023). Total number of mortgage approvals in the United Kingdom (UK) from January 2012 to July 2023, by loan type (in 1,000s). Statista. Statista Inc.. Accessed: July 03, 2024. https://www.statista.com/statistics/872607/number-of-mortgage-approvals-united-kingdom/
Bank of England. "Total Number of Mortgage Approvals in The United Kingdom (Uk) from January 2012 to July 2023, by Loan Type (in 1,000s)." Statista, Statista Inc., 25 Sep 2023, https://www.statista.com/statistics/872607/number-of-mortgage-approvals-united-kingdom/
Bank of England, Total number of mortgage approvals in the United Kingdom (UK) from January 2012 to July 2023, by loan type (in 1,000s) Statista, https://www.statista.com/statistics/872607/number-of-mortgage-approvals-united-kingdom/ (last visited July 03, 2024)
Total number of mortgage approvals in the United Kingdom (UK) from January 2012 to July 2023, by loan type (in 1,000s) [Graph], Bank of England, September 25, 2023. [Online]. Available: https://www.statista.com/statistics/872607/number-of-mortgage-approvals-united-kingdom/