The number of mortgages approved for house purchase in the United Kingdom plummeted to just 9,273 in May 2020, the lowest level since the series began in 1993 and well below market expectations of 25,000. This was, almost 90 percent below the February level and around a third of their trough during the financial crisis in 2008, due to weakness in the housing market associated with COVID-19. Also, approvals of loans secured on dwellings for remortgaging fell to 30,368 from 34,121 in April and those for other purposes dropped to 5,920 from 6,250.
Mortgage Approvals in the United Kingdom averaged 83.55 Thousand from 1986 until 2020, reaching an all time high of 151.80 Thousand in May of 1988 and a record low of 9.27 Thousand in May of 2020. This page provides the latest reported value for - United Kingdom Mortgage Approvals - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United Kingdom Mortgage Approvals - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: Bank of England
Mortgage Approvals in the United Kingdom is expected to be 39.10 Thousand by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Mortgage Approvals in the United Kingdom to stand at 52.50 in 12 months time. In the long-term, the United Kingdom Mortgage Approvals is projected to trend around 66.00 Thousand in 2021 and 78.00 Thousand in 2022, according to our econometric models.