Mortgage approvals increased in the UK for the first time in four months in a sign that stability is returning to the property market.
The net number of agreements rose from 43,700 in September to 47,400 in October, which was the most since July, according to data from the Bank of England.
The figure was ahead of 45,300 expected by economists.
However, the substantial rise in October still leaves approvals below their pre-pandemic average of 66,000.
Imogen Pattison, assistant economist at Capital Economics, said: “Despite the stronger reading in October, mortgage approvals for house purchase are on track to total just 570,000 in 2023, the lowest since 2010.
“Our view that mortgage rates will hover close to 5pc until the second half of 2024 means the recovery from here will be muted, with approvals only rising to 600,000 in 2024 still someway short of their usual level of around 800,000 before the pandemic.”
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2023-11-29 10:33:00Z
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