Phoebus comment on highest level of mortgage approvals since August 2022

29 October 2024

Great news for the housing market out today from the Bank of England on September mortgage approvals – the highest level since August 2022.

Here are some thoughts from Rich Pike, CMSO at Phoebus.

Richard Pike, chief marketing and sales officer at Phoebus, said: “The housing sector will feel encouraged by September’s healthy figures for mortgage approvals for house purchases – they’re the highest level since August 2022.

"Although net borrowing of mortgage debt by individuals fell to £2.5 billion in September, this is still nearly double the amount that people were borrowing in May, when the mortgage debt figure stood at £1.3 billion. We shouldn’t feel discouraged by September’s dip. This could be a sign that people are holding out to see what tomorrow’s Budget will bring. Hopefully it will inspire consumer and investor confidence, stabilise markets and bring another boost to the housing sector."