Mortgage approvals fell to their lowest level since July 2020 last month, with the end of the stamp duty holiday prompting a decline in activity. Bank of England figures show that lenders approved 67,199 mortgages in October, down from 71,851 in September and a high of 104,547 recorded in November 2020.
With October’s number close to the 66,700 12-month average in the year to February 2020, the Bank noted that the market is returning to its pre-pandemic level. The report also shows that the amount borrowed fell to a net £1.6bn, from £9.3bn in September. “October’s decrease was driven by borrowing brought forward to September to take advantage of stamp duty land tax relief, before it was completely tapered off,” the Bank said.
A total of 41,642 remortgages were approved in October, compared with 32,745 in the same period last year. Reflecting on the data, Laura Suter, head of personal finance at AJ Bell, said: “The rush to get transactions through before the stamp duty deadline at the end of September means that some of this fall is likely to be temporary, as October deals were pushed through early.”
Read more: City A.M.
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