Mortgage approvals continue to climb in June
The latest mortgage approval data from the Bank of England figures show that: –
Mortgage approvals on house purchases for June sat at 64,167 up (+1.4%) from 63,288 in May. This signals two consecutive months of growth.
Approvals are also up (+5.6%) when compared to the 60,761 seen in June 2024.
This growth is positive, and there is optimism for further growth in the coming months, especially if bank rate cuts materialise and lenders continue to lower their mortgage rates.
Stephanie Daley, Director of Partnerships at mortgage advisor, Alexander Hall, commented:
“Mortgage market momentum remains robust, with mortgage approvals not only increasing for the second consecutive month, but also remaining above the 60,000 threshold since March of last year.
This positive trend is expected to build throughout the rest of the year, with affordability improving thanks to a series of recent initiatives. The decision to make the Mortgage Guarantee Scheme permanent is a key step forward, giving lenders greater confidence to support buyers with smaller deposits. Additionally, recent regulatory changes to loan-to-income caps have provided more flexibility, particularly for smaller lenders and building societies.
We’ve already seen significant movement from a number of major lenders in response to these changes. These adjustments are not only making mortgages more accessible but are also helping to enhance the overall affordability landscape for borrowers. As a result, buyers are now in a stronger position to secure more favourable terms, and with lenders continuing to adapt, we expect this momentum to continue.”
CEO of specialist lender Octane Capital, Jonathan Samuels, commented:
“A second consecutive monthly increase in mortgage approvals, despite the challenges faced in the broader market, is an encouraging sign for the mortgage sector and demonstrates that the market is very much on the up following the brief lull caused by the recent stamp duty deadline.
This momentum is further supported by recent regulatory changes, including adjustments to loan-to-income caps and, with affordability continuing to improve, we expect the positivity seen over the past nine months to persist.”
Colby Short, Co-founder and CEO of GetAgent, commented:
“The latest figures suggest that buyer appetites are alive and well and consistency has been key in recent months, as stabilising demand levels have helped to steady the ship.
While we’ve yet to see the same level of consistency in property transactions, we anticipate that it’s only a matter of time, particularly now that the recent stamp duty deadline has passed, removing one of the key short-term pressures that was restricting buyer activity.”
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