Mortgage approvals plunge to lowest level in 18 months

EXPERTS believe the property market bottomed out last month as the number of home loan approvals dipped to the lowest level since June 2024.

- By Vicky Shaw

Some 61,013 home mortgages received the nod, down from 64,072 in November, according to Bank of England figures. There were 60,920 deals agreed 18 months earlier.

Finance and property insiders expect the property market to build this year with worries over the Budget settled.

Thomas Pugh, chief economist at audit, tax and consulting firm RSM UK, said that with more certainty around property taxes and another interest rate cut likely in April, “the housing market should rebuild some momentum this year, especially as there is likely to be a degree of pent-up demand”.