Value of approvals for lending secured on dwelling in the UK 2017-2023
The value of mortgage approvals in the United Kingdom (UK) plummeted in the final months of 2022 and the beginning of 2023, as interest rates reached some of the highest values observed in the past decade. In January 2023, the value of mortgage approvals including remortgaging and home purchases hit approximately 13.5 billion British pounds, down from the market peak of 30 billion British pounds in November 2020. Nevertheless, the lowest value was observed in May 2020 during the coronavirus (COVID-19) lockdown.
