The Bank of England’s ‘Money and Credit Report’ published in March (for February), has confirmed that mortgage approvals for February 2023 were up to 43,536 from 39,647 in January 2023. Remortgage approvals were also up from 25,364 in Janaury to 28,093 in February.
Gross lending across all lenders was also up to £79.3bn in February from £71.4bn in January.
Commentators suggest this is down to an increase in confidence in the property market as interest rate increase and forecast to stabilise and then fall.
We suggest this is an indicator that existing property owners are now sellin and moving up rather than first time buyers entering the market given that approved application numbers are up 9.8% in a month but the total value of gross lending is up 11.06%.