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Mortgage Approvals Hit Three-Month Low Amid Rising Rates

1/5/2025

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Summary

Story summary

Mortgage approvals declined to 65,720 in November, marking a three-month low due to increased borrowing rates from the recent Budget.
Net mortgage lending decreased by £1 billion to £2.5 billion, although annual growth improved to 1.3%.
The effective interest rate on new mortgages fell to 4.5%, the lowest level since April 2023.
Analysts caution about possible market instability stemming from consumer confidence and inflation issues.

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Story summary

Mortgage approvals declined to 65,720 in November, marking a three-month low due to increased borrowing rates from the recent Budget.
Net mortgage lending decreased by £1 billion to £2.5 billion, although annual growth improved to 1.3%.
The effective interest rate on new mortgages fell to 4.5%, the lowest level since April 2023.
Analysts caution about possible market instability stemming from consumer confidence and inflation issues.