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The Guardian - UK
The Guardian - UK
Business
Larry Elliott Economics editor

UK mortgage approvals rise despite surge in borrowing rates

a smattering of for sale and sold signs in Maidenhead, Berkshire
Despite June’s rise, mortgage approvals were still down by 15% year on year. Analysts said June’s pick-up in demand was unlikely to be sustained. Photograph: Maureen McLean/Shutterstock

Mortgage approvals in the UK rose to their highest level since October 2022 last month amid signs of a scramble to secure home loan deals before an expected surge in interest rates.

New data from the Bank of England revealed a surprise increase in demand for mortgages, with the increase from 51,100 in May to 54,700 in June confounding expectations in the financial markets of a fall to 49,000.

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