The Bank of England has published its monthly Money and Credit report mortgage application approvals. The number of mortgage application approvals rose again in September to its highest figure since September 2007, according to the report.
The previous month’s report already revealed a similar record, with 85,500 approvals in August. The number again rose to 91,500 in September, despite many analysts expecting the level of approvals to start declining again.
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While the housing market boom is somewhat odd to see in a time of recession and macroeconomic uncertainty. Indeed, house prices have reached to record highs when analysts expecting them to decline. In analysts’ view the stamp duty holiday, shifting housing priorities and pent-up demand are the usual factors driving the housing market.
Furthermore, net mortgage borrowing also rose from £3 billion in August to £4.8 billion in September. This indicates a level of upsizing and first-time buying. Given the current shortage of high loan-to-value mortgage products of late, the former may be more likely, with people upgrading to larger properties for a more comfortable experience in any future lockdown.
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