The total monthly number of mortgage approvals for the purpose of a house sale in the UK plummeted in 2020 during the COVID-10 pandemic, followed by a spike in the second half of the year. In 2021, interest rates started to rise, resulting in a decline in the volume of mortgage approvals declined. In 2024, mortgage approvals for home purchases started to increase, while remortgage approvals continued to fluctuate.
Being approved for a mortgage is one of the first steps in purchasing a home, which makes it an early indicator of 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.
Total number of mortgage approvals in the United Kingdom (UK) from January 2012 to September 2024, by loan type
(in 1,000s)
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
Bank of England. (November 7, 2024). Total number of mortgage approvals in the United Kingdom (UK) from January 2012 to September 2024, by loan type (in 1,000s) [Graph]. In Statista. Retrieved November 14, 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 September 2024, by loan type (in 1,000s)." Chart. November 7, 2024. Statista. Accessed November 14, 2024. https://www.statista.com/statistics/872607/number-of-mortgage-approvals-united-kingdom/
Bank of England. (2024). Total number of mortgage approvals in the United Kingdom (UK) from January 2012 to September 2024, by loan type (in 1,000s). Statista. Statista Inc.. Accessed: November 14, 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 September 2024, by Loan Type (in 1,000s)." Statista, Statista Inc., 7 Nov 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 September 2024, by loan type (in 1,000s) Statista, https://www.statista.com/statistics/872607/number-of-mortgage-approvals-united-kingdom/ (last visited November 14, 2024)
Total number of mortgage approvals in the United Kingdom (UK) from January 2012 to September 2024, by loan type (in 1,000s) [Graph], Bank of England, November 7, 2024. [Online]. Available: https://www.statista.com/statistics/872607/number-of-mortgage-approvals-united-kingdom/