Number of homebuyer mortgage approvals made in 2020 highest since 2007
Updated: 01/02/2021, 1:19 pm
The number of mortgage approvals made to homebuyers last year was the highest since 2007 (Victoria Jones/PA)
The number of mortgage approvals made to homebuyers last year was the highest since 2007 – despite the housing market being effectively shut for part of the year as the coronavirus crisis hit.
The Bank of England said that at 818,500 in 2020, the number of mortgage approvals for house purchase surpassed levels seen in 2019 (789,100).
Last year’s figure marked the highest annual total since 2007, the Bank confirmed.
Approvals hit a record low of 9,400 in May 2020, but they picked up sharply in the second half of the year, the Bank’s Money and Credit report said.
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