Mortgage approvals rose to a two-year high last month as buyers snapped up properties ahead of the Bank of England’s first interest rate cut in four years.
Official figures from the Bank show that the number of new mortgages rose to 62,000 in July, the highest monthly number since September 2022 and up from 60,000 in June. The figure was in line with economists’ expectations.
The Bank cut interest rates at the start of August from 5.25 per cent to 5 per cent and at least one more reduction is expected before the end of the year, helping to drive down mortgage lending rates after more than two years of monetary tightening.
The volume of mortgage lending also expanded last month to £2.8 billion, the