UK mortgage approvals rose more than expected in October, according to official figures published on Wednesday that point to a stabilisation in the property market after a prolonged period of low house sales.

Bank of England data showed that net mortgage approvals for house purchases rose to 47,400 in October from 43,700 in September.

The number was well above economists’ expectations of 45,000 and the highest since July, but about 28 per cent below its level in October 2019, before the pandemic.

Net approvals for remortgaging increased to 23,700 from 20,600 in the same period.

Mortgage approvals provide a timely measure of the housing market’s health, which affects the broader economy via house-related spending and household confidence.

credit: Financial Times