Data presented by Buy Shares indicates that the UK mortgage approvals have grown by 50.97%. The growth is on a year-over-year basis between October 2019 and October 2020.
As of October, the number of approvals stood at 97,530 while a year ago, the figure was 64,600. During the last 12 months, the lowest approvals were recorded in May this year at 9,270.
A historical view of the approvals shows that October approvals are the highest in about 13 years.
In September 2007, the mortgage approvals stood at 108,000. The approvals later slumped significantly to 27,000 in January 2009 in the wake of the economic crisis.
The Buy Shares report attributed the recent surge in approvals to government measures like suspending the stamp duty as well as a change in consumer behavior.