Mortgage approvals bounce back from a two-year low

MORTGAGE approvals have bounced back after slumping to a two-year low last month, suggesting the property market was regaining momentum before the Iran war shocked global finance.

- BY FELIX ARMSTRONG

The number of approved mortgages for house purchases hit 62,600 in February, up from the two-year low of 60,200 in January, according to the Bank of England.

This jump in approvals came before conflict in the Middle East caused a confidence shock to the property market.

The number of deals on offer has shrunk by a fifth since the war began.

Despite February’s increase, the approvals rate is still below an average of around 63,500 over the last six months.

Approvals for remortgaging bounced up slightly too, from 38,500 in January to 41,200 in February.