Official announcements from the UK government or HM Treasury

UK Mortgage Approvals Surge to 2-Year High, But 4.4 Million Face Rate Hikes Up to £500

Nov 29, 2024, 11:05 AM

The UK housing market experienced a significant uptick in mortgage approvals in October, reaching the highest level since August 2022, with 68,300 approvals against an expected 64,500. This surge comes ahead of a looming stamp duty deadline next April, which could keep transaction volumes buoyant in the coming months. However, the Bank of England has warned that around half of the UK's mortgage holders, approximately 4.4 million, will face an increase in their mortgage payments over the next three years due to a shift in the mortgage market. This increase could see some households facing a bill hike of up to £500. Conversely, 23% of mortgage holders will see no change in their payments, while 27% will experience a decrease.