Mortgage Approvals Tick Up but Caution Remains Amid Ongoing Uncertainty
The Bank of England's mortgage approval figures for June showed an increase to 58,200 from May's 56,565, but this is still below the six-month average of around 61,435.
Jeremy Leaf, a north London estate agent and former RICS residential chairman, said that despite the bounce-back in mortgage approvals, there hasn't been a significant change in sentiment on the ground.
Leaf attributed the decision-making delay to genuine buyers taking advantage of their bargaining power and ample choice in most price ranges before making their moves.
Nathan Emerson, Chief Executive at Propertymark, noted that the increase in net mortgage approvals for house purchases suggests that buyers responded positively to a period of relative economic stability, but approvals remained below the average recorded over the previous six months.