Mortgage Approvals Jump by 2,400 — Is This the Start of a Market Comeback?
After six months of decline, mortgage rates have nudged upward, and surprisingly, buyer activity has gone up with them.
According to data from the Bank of England, mortgage approvals for home purchases rose by 2,400 in May to reach 63,000 approvals.
Remortgage approvals also jumped by 6,200, while borrowing on mortgage debt rose by £2.8bn.
It’s the first increase in approvals since last year — and the biggest monthly rise since February 2024.
So, what’s driving it?
Experts say this early momentum reflects a few key shifts:
Confidence is returning, even in a market of higher rates
Buyers are adjusting to the “new normal” for borrowing
Lenders are getting more creative with affordability solutions
“There’s a flicker of life in the housing market’s pulse,” said Andrew Montlake, CEO of Coreco. “This points to growing confidence among borrowers — and a realisation that the new norm is here to stay, at least for now.”
At The Avenue, we’re seeing the same thing: buyers still want to move. Families still need more space. First-time buyers are still stepping up. And the best-prepared sellers are the ones who benefit most when confidence turns into action.
Here’s how we help our clients make the most of a shifting market:
✅ We get you legally prepared before your home even hits the market
✅ We qualify buyers properly and use Reservation Agreements where possible
✅ We help price strategically to attract the right offers from the right people
✅ You get one point of contact from start to finish — no confusion
So, is it a good time to move?
If you’re ready — yes. The market is steady, not frantic.
Buyers are motivated, not speculative. And with the right advice, sellers can move with certainty and control.