interest rates started to rise, resulting in a decline in the volume of mortgage approvals declined. In July 2023, the number of mortgage approvals stood at approximately 49,000.
Being approved for a mortgage is one of the first steps in purchasing a home, which makes it an early indicator about the development of transaction volumes. However, a mortgage approval does not necessarily mean that a sale is going to take place, as home buyers need to undergo several other steps to complete the sale: conveyancing, or the process of transferring the legal title of the property from the seller to the buyer, a property survey, contracts exchange, and closing. The total monthly number of mortgage approvals for the purpose of a house sale in the UK plummeted in May 2020 during the coronavirus lockdowns, followed by a spike in November 2020. In 2021, Total number of mortgage approvals in the United Kingdom (UK) from January 2012 to July 2023, by loan type (in 1,000s)
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Other statistics that may interest you Mortgages in the United Kingdom (UK)
Introduction
7
- Premium Statistic Mortgage affordability in the UK 2002-2022 with a forecast until 2026
- Premium Statistic Average mortgage interest rates in the UK 2000-2024, per quarter and type
- Premium Statistic Gross mortgage lending in the UK 2007-2022
- Basic Statistic Outstanding amounts of lending to individuals in the UK 2007-2024, by loan type
- Premium Statistic Regional median LTV ratio for mortgage sales in the UK 2018 to 2022
- Basic Statistic Gross mortgage lending market share of leading UK banks 2021-2022
- Premium Statistic Building societies ranked by group assets in the UK 2023
Mortgage volumes
8
- Premium Statistic Total number of mortgage sales in the UK 2018-2022, by interest rate type
- Premium Statistic Average value of mortgages granted in the UK 2016-2023, per quarter
- Premium Statistic Number of mortgage approvals in the UK 2017-2023, per month
- Premium Statistic Number of mortgage approvals in the UK 2012-2023, by loan type
- Basic Statistic Gross mortgage lending and change from previous year in the UK 2007-2023, per quarter
- Basic Statistic Value of mortgage approvals in the UK 2017-2023
- Premium Statistic Residential loans for house purchase (gross advances) in the UK 2015-2023, by scheme
- Premium Statistic Mortgage loans distribution (gross advances) in the UK 2015-2023, by purpose
Households with mortgage: context and distribution
6
- Basic Statistic Homebuyer sentiment in the UK 2012-2023, per quarter
- Premium Statistic Distribution of new homes with a mortgage in the UK 2022, by type
- Basic Statistic Homeowner distribution in England 2023, by home financing and age
- Premium Statistic Share of homes with mortgage in 2023, by household type
- Premium Statistic First-time buyer mortgage in the UK 2022-2023, by region
- Premium Statistic Major barriers to buying a residential property in the UK 2016-2023
Mortgage repayments
6
- Basic Statistic Mortgage payment to income share in the UK 2000-2022, by type of buyer
- Basic Statistic Value of regular mortgage repayments in the UK 2012-2023, per quarter
- Basic Statistic Secured lending: repayments on redemption in the UK 2012-2023, per quarter
- Premium Statistic Value of mortgage lump sum repayments in the UK 2012-2023, per quarter
- Premium Statistic Mortgage interest and council tax: weekly household spending in the UK 2022, by type
- Premium Statistic Dwellings and mortgages: weekly household spending in the UK 2022, by type
Repossessions and consumer complaints
5
- Premium Statistic Residential mortgage loan write-offs: share in the UK 2022, with a forecast by 2025
- Premium Statistic Number of landlord and mortgage repossessions in England 2010-2023, per quarter
- Premium Statistic Customer complaints relating to mortgage services in the UK 2010-2023
- Basic Statistic Customer complaints about mortgage endowments in the UK 2009-2023
- Basic Statistic Complaints against home financing providers in the UK in H2 2022, by firm
Further related statistics
17
- Value of buy-to-let mortgage lending in the UK 2011-2021, with a forecast until 2024
- Value of total outstanding home loans from the HDB in Singapore 2005-2016
- Value of total outstanding home loans in Singapore 2005-2016
- Buy-to-let mortgage term preferences distribution in the UK Q4 2019
- Distribution of buy-to-let mortgage lender arrangement fees in the UK Q4 2019
- Average flat fee on buy-to-let mortgages in the UK 2018-2019
- Average loan size of buy-to-let properties UK Q3 2021-Q2 2022
- Average value of buy-to-let properties UK Q4 2016-2019
- Average loan to value (LTV) of buy-to-let properties UK Q2 2022
- Average fixed rate prices of buy-to-let mortgages UK 2021-2022, by term
- Average buy-to-let loan for individuals and Limited Companies UK Q4 2019
- Share of purchase and remortgage lending of buy-to-let properties UK Q2 2022
- Mortgage possession claims issued in England and Wales Q1 2008 - Q1 2013
- Leading buy-to-let mortgage lenders in the UK 2021, by gross lending
- Purchase volume of mortgages in the U.S. 2015-2017, by type
- Mortgage debt outstanding in the U.S. 2023, by sector
- Mortgage customers with equity risk Australia 2018
Further Content: You might find this interesting as well
Statistics
- Value of buy-to-let mortgage lending in the UK 2011-2021, with a forecast until 2024
- Value of total outstanding home loans from the HDB in Singapore 2005-2016
- Value of total outstanding home loans in Singapore 2005-2016
- Buy-to-let mortgage term preferences distribution in the UK Q4 2019
- Distribution of buy-to-let mortgage lender arrangement fees in the UK Q4 2019
- Average flat fee on buy-to-let mortgages in the UK 2018-2019
- Average loan size of buy-to-let properties UK Q3 2021-Q2 2022
- Average value of buy-to-let properties UK Q4 2016-2019
- Average loan to value (LTV) of buy-to-let properties UK Q2 2022
- Average fixed rate prices of buy-to-let mortgages UK 2021-2022, by term
- Average buy-to-let loan for individuals and Limited Companies UK Q4 2019
- Share of purchase and remortgage lending of buy-to-let properties UK Q2 2022
- Mortgage possession claims issued in England and Wales Q1 2008 - Q1 2013
- Leading buy-to-let mortgage lenders in the UK 2021, by gross lending
- Purchase volume of mortgages in the U.S. 2015-2017, by type
- Mortgage debt outstanding in the U.S. 2023, by sector
- Mortgage customers with equity risk Australia 2018
Bank of England. (September 25, 2023). Total number of mortgage approvals in the United Kingdom (UK) from January 2012 to July 2023, by loan type (in 1,000s) [Graph]. In Statista. Retrieved June 18, 2024, from https://www.statista.com/statistics/872607/number-of-mortgage-approvals-united-kingdom/
Bank of England. "Total number of mortgage approvals in the United Kingdom (UK) from January 2012 to July 2023, by loan type (in 1,000s)." Chart. September 25, 2023. Statista. Accessed June 18, 2024. https://www.statista.com/statistics/872607/number-of-mortgage-approvals-united-kingdom/
Bank of England. (2023). Total number of mortgage approvals in the United Kingdom (UK) from January 2012 to July 2023, by loan type (in 1,000s). Statista. Statista Inc.. Accessed: June 18, 2024. https://www.statista.com/statistics/872607/number-of-mortgage-approvals-united-kingdom/
Bank of England. "Total Number of Mortgage Approvals in The United Kingdom (Uk) from January 2012 to July 2023, by Loan Type (in 1,000s)." Statista, Statista Inc., 25 Sep 2023, https://www.statista.com/statistics/872607/number-of-mortgage-approvals-united-kingdom/
Bank of England, Total number of mortgage approvals in the United Kingdom (UK) from January 2012 to July 2023, by loan type (in 1,000s) Statista, https://www.statista.com/statistics/872607/number-of-mortgage-approvals-united-kingdom/ (last visited June 18, 2024)
Total number of mortgage approvals in the United Kingdom (UK) from January 2012 to July 2023, by loan type (in 1,000s) [Graph], Bank of England, September 25, 2023. [Online]. Available: https://www.statista.com/statistics/872607/number-of-mortgage-approvals-united-kingdom/