UK net mortgage approvals for house purchases—a key indicator of future borrowing—rose to 64,167 in June 2025, up from an upwardly revised 63,288 in May, and significantly above market expectations for a decline to 62,500. The stronger-than-expected figures add to evidence that the housing market is regaining momentum following the expiration of a homebuyer tax break in April. Remortgaging approvals, which include only loans with a different lender, also rose by 200 to 41,800 in June, marking the highest level since October 2022. Meanwhile, the ‘effective’ interest rate on newly drawn mortgages fell for the fourth consecutive month, declining to 4.34% in June from 4.47% in May. However, the rate on outstanding mortgage balances edged slightly higher to 3.88% from 3.87%.
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