Mortgage Approvals Surge by 11% in Summer Months

The Bank of England has released new figures showing a significant increase in mortgage approvals for the three months from April to June. The total amount approved is up 11% compared to the first quarter of this year, reaching £77.4 billion.

This represents a 31.7% increase over the same period last year, when changes to Stamp Duty thresholds took effect.

The proportion of mortgages with loan-to-value ratios exceeding 90% has also increased, reaching its highest level since 2008 at 8.4%. This marks a 1.4% rise compared to last year.

Nathan Emerson, Chief Executive of Propertymark, welcomed the news, stating that it is 'extremely welcome' to see an increase in gross mortgage advances during the second quarter of this year.