16/05/2023
Decrease in mortgage approvals
Around 39,600 mortgages were approved for house purchase in January, down from 40,500 in December, marking the fifth month in a row of declines, according to Bank of England (BoE) figures.
When excluding the pandemic months and the immediate period thereafter, this was the lowest level of approvals since January 2009 when the recorded figure stood at 32,400.
The January BoE figures also show that the ‘effective’ interest rate – the actual interest rate paid – on newly-drawn mortgages increased by 21 basis points, to 3.88%.
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