The Bank of England has recently released its latest report on the state of the housing market in the UK, and it contains some good news for potential homebuyers. According to the report, the number of house purchase approvals for the first time since August has increased. This is a positive sign for the housing market, as it indicates that more people are taking the plunge and buying a home.
The report also shows that the number of mortgage approvals for house purchases was up by 3.2% in November compared to the previous month. This is the highest level since August 2020, when the coronavirus pandemic first hit the UK. The increase in house purchase approvals is being driven by a combination of factors, including low interest rates, government support schemes, and an increase in consumer confidence.
The Bank of England report also showed that the number of remortgage approvals was up by 5.5% in November compared to the previous month. This is the highest level since February 2020, and indicates that more people are taking advantage of low interest rates to switch to a better deal on their mortgage.
The Bank of England report also revealed that the number of first-time buyer approvals was up by 4.4% in November compared to the previous month. This is the highest level since August 2020, and suggests that more people are taking advantage of government schemes such as Help to Buy and Shared Ownership to get onto the property ladder.
Overall, the Bank of England report paints a positive picture for the UK housing market. The increase in house purchase approvals indicates that more people are feeling confident enough to take the plunge and buy a home. Low interest rates and government support schemes are also helping to make it easier for people to get onto the property ladder. It remains to be seen whether this trend will continue in 2021, but for now it looks like the UK housing market is in a good place.