Green shoots may be appearing in the housing market, some experts have suggested, as Bank of England figures showed home-buyer mortgage approvals edged up for the first time in six months in February.
Some 43,500 mortgages were approved for house purchase in February, up from 39,600 in January. This marked the first monthly increase since August 2022, according to the Bank’s Money and Credit report.
The “effective” interest rate – the actual interest rate typically paid – on newly drawn mortgages increased to 4.24% in February. Karen Noye, a mortgage expert at Quilter, said: “Some green shoots might be appearing as, in February, approvals for house purchases showed a rebound, rising to 43,500 in February from 39,600 in January…
