Brits go on house-buying spree as number of mortgage approvals hits high

Has Brexit helped approved mortages?

Home buyers have had more mortgages approved in a three-month high after beating economists’ expectations.

Bank of England produced the figures which showed that in August the numbers stood at 60,984 and September this rose to a huge 62,932. This is the second increase in the last eight months.

Although this is great for the last three months, on average the number of these loan approvals over the past six months are behind at 60,841.

The overall figures suggest the housing market is stabilising after the Brexit vote earlier in the year.

Scott Bowman, UK economist at Capital Economics, told Sky news: “Net consumer credit rose by a monthly £1.4bn in September – only down slightly from the £1.6bn average for the six months before the vote,” he said.

“Overall, today’s data add to the evidence that the economy hasn’t slowed too significantly following the Brexit vote.”

The Monetary Policy Committee is set to meet on Thursday to debate whether interest base rates will be reduced further. Economists believe the rate will stay at 0.25 per cent.

This news would be of interest to anyone wanting to take out a tracker mortgage.