Highest number of mortgage approvals since August 2022

THE housing market's recovery continued in September, as consumers felt the benefit of rising real incomes and lower mortgage rates.

- CHRIS DORRELL

New figures from the Bank of England showed that 65,600 new mortgages were approved in September, the highest figure since August 2022.

Mortgage approvals are an indicator of future borrowing. The data also showed that approvals for remortgaging, which only captures deals with new lenders, increased by 3,100 in September.

The rise in September continues the positive trend for the housing market so far this year, on the back of an improving economy.

Thomas Pugh, an economist at the financial consultancy RSM UK, said: "All the factors which are contributing to the broader economic recovery are also positive for the housing market."