UK mortgage approvals rise more than expected to 87.5 thousand

Bayanalysis - The number of mortgage approvals for home purchases in Britain rose from 86.9 thousand in April to 87.5 thousand in May, with a growth of 0.69% on a monthly basis, exceeding expectations of 85.9 thousand approvals, according to the Central Bank of England.

The UK mortgage index has fallen from a recent high of 103.2 thousand approvals last November, although it is still well above pre-February 2020 levels.

As for the mortgage approvals that are limited to the re-mortgage clause with a different borrower, to 34.8 thousand approvals during May 2021, from 33.4 thousand approvals during the preceding April, and in contrast to the general index of mortgages, the specific condition remained low compared to the months prior to February 2020.

Historically, UK mortgage approvals recorded their highest level at 151.8 thousand in May 1988, while they reached their lowest level in May 2020 with 9,444 approvals.