UK October mortgage approvals 68.30k vs 64.50k expected

• Prior 65.65k; revised to 66.12k
• Net consumer credit £1.1 billion
• Prior £1.2 billion

Slight delay in the release by the source. That’s a notable jump in mortgage approvals, with the reading being the highest since August 2022. It reaffirms the strong sentiment surrounding the UK property market, with prospects likely to improve further as the BOE is still set to cut rates further. The ‘effective’ interest rate on newly drawn mortgages fell further by 15 bps to 4.61% in October. And that’s the lowest since May 2023.

This article was written by Justin Low at www.forexlive.com.