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Story summary
- UK mortgage approvals increased by 800 to 65,400 in July, the third monthly rise, despite fewer remortgages.
- The effective interest rate on new mortgages decreased to 4.28%, while existing mortgages remained at 3.88%.
- Experts show cautious optimism due to improved affordability and relaxed lending rules, but caution about tax changes.
- The housing market demonstrates resilience, with approvals approaching pre-pandemic levels, reflecting consumer confidence.
- Analysts foresee ongoing mortgage demand, though rising rates and property taxes may limit short-term activity.
