As one of the most respected firms active in today’s UK real estate industry, the team at Greycoat Real Estate routinely weighs in on trending topics within the sector. Its experts have noted that mortgage approvals across the country have recently hit an 18-month high.
This is the highest overall level seen since 2022 and has been a hot topic within the housing industry field. The experts at Greycoat Real Estate have noted that the current 18-month high in mortgage approvals is the highest since the mini-budget put forward by Liz Truss.
This list caused significant disruption within the real estate industry in 2022, the trusted and reliable Greycoat real estate agency adds. The data on current approval rates was provided by the Bank of England. This 18-month high topped out at more than 61,000 borrowers who gained approval for their mortgages.
The phenomenon has made a big difference in uplifting property sales across the United Kingdom. This is according to data provided by HM Revenue and Customs. Greycoat adds how the reaction from industry professionals since this data was released has been notable.
As noted, the experts at Greycoat Real Estate are among those who have noted this recent surge in UK mortgage approvals. Industry experts have pointed out that there are many options available for today’s first-time buyers. They also note that this is a trend expected to continue throughout the spring and into the summer months. It is also important to understand that current mortgage rates are lower than they were one year ago.