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Saturday, July 11, 2020

Mortgage approvals at lowest levels since 1993: what it means to you

UK mortgage approval rates have plummeted, according to the latest figures published by the Bank of England. Revealed figures show the lowest approval figures since this type of mortgage approval record started in 1993, with approval levels down nearly 90% from February’s pre-pandemic levels and down to just 9,300 approvals in May from 15,800 in April.

The last drop is perhaps the most worrying of the two: while mortgage approval rates would always drop purely because the real estate market was largely inactive compared to February; the fact that mortgage approvals were lower in May, when the real estate market reopened, indicates that the figures are not only distorted by the blockade.

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