Monthly development of the value of house purchase loan approvals in the UK 2010-2023
The value of approvals issued for house purchase lending in the United Kingdom (UK) plummeted in the beginning of the coronavirus pandemic, reaching a record-low of 1.9 billion British pounds in May 2020. In the second half of the year, the release of pent up demand led to the value of approvals spiking at close to 22 billion British pounds in December 2020. With mortgage rates increasing in response to stubborn inflation, the value of mortgage approvals saw a substantial decrease in 2022. Remortgage approvals followed a similar trend.
