The number of mortgage approvals for house purchases in the UK increased to 105,000 in November 2020, the highest level since August 2007 and well above market expectations of 82.5 thousand.
The recent strength in approvals has almost fully offset the significant weakness earlier in the year. Approvals for a remortgage, which capture remortgaging with a different lender, rose slightly to 35.1 thousand, but remained around 33 lower lower than in February 2020. Approvals for other purposes declined to 12.3 thousand in November from 12.4 thousand in October. In the January to November period, there were 715.3 thousand house purchase approvals, close to the number during the same period in 2019 (722 thousand)