House purchases rose to 65,000 in September
Written in line with our editorial policy.
The Bank of England’s latest data reveals that mortgage approvals in September 2024 reached their highest level in two years, with 65,000 approved home loans.
The figure – a rise of 700 from August – indicates a boost in buyer confidence as mortgage rates have eased from previous highs. Experts suggest this could pave the way for house price growth.
The average two-year fixed mortgage rate across the big six lenders is 4.52% according to uSwitch, whereas a five-year deal is 4.16% (as of 31 October).
Alongside new mortgages, remortgage approvals also rose for a second month to 30,800, showing that homeowners are eager to secure better deals. The remortgage market will continue to be a hot topic in the next few months, as homeowners look to secure the best possible deal.
About 1.6 million mortgage deals were due to expire in 2024, according to UK Finance. It means that thousands of homeowners every month who took out their mortgage when rates were especially low are currently facing a hike in their monthly mortgage bills.
Sources:
Mortgage approvals in September 2024 reached their highest level in two years: Mortgage approvals reach highest level in two years. FT Adviser. Accessed 04 November 2024.
Average mortgage rates across the big six lenders: What are the UK mortgage rates today? uSwitch.com. Accessed 04 November 2024.
1.6 million mortgage deals were due to expire in 2024: Mortgage rates: When will UK interest rates fall again? BBC.co.uk. Accessed 04 November 2024.
