UK mortgage approvals rise in March despite stubborn interest rates [Yahoo! Finance]
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Source: Yahoo! Finance
This equates to a monthly rise of 1.3% and an annual rise of 20%. The noticeable improvement defies the stubbornly high interest rates that have so far meant for an uneasy market in 2024. The data "suggests that there is an acceptance of the new higher interest rate environment, and a 'let's-just-get-on-with-it' attitude," said Craig Fish, director at Lodestone Mortgages and Protection. "The next set of inflation data is of paramount importance as is the long overdue first rate cut, which will undoubtedly spur the market on further." Despite the rise, however, net approvals for remortgaging decreased from 37,700 to 34,200 over the same period, the Bank added. Meanwhile, average interest rates declined slightly, with the "effective" interest rate — the actual interest paid — on newly drawn mortgages down by 17 basis points, to 4.73% in March. Read more: London rents hit record high of £2,633 a month The current bank base rate is 5.25% and it is uncertain when that might sh
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