The number of mortgage approvals for house purchases in November 2022 came to 46,075, shows the latest ‘Bankstats’ data from the Bank of England (BoE).

The number of mortgage approvals for house purchases in November 2022 came to 46,075, shows the latest ‘Bankstats’ data from the Bank of England (BoE).

This is the lowest number seen since June 2020, when there were 40,530, and compares to 68,969 approvals made a year previously, in November 2021.

“A third consecutive monthly decline in mortgage approval levels will certainly seem like cause for concern given the doom and gloom that has enveloped the UK property market in recent months,” says easyMoney founder and chief executive Jason Ferrando.

He continues: “However, when viewed in a longer term context, it’s apparent that this is very much a return to the pre-pandemic norm, albeit a rather bumpy landing, rather than the first signs of a property market collapse.”

The data also shows that credit card lending has been on a steady rise since the start of 2022. Read more >

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