Today: 9 May 2025
31 January 2024
1 min read

UK Mortgage Rates Fall For First Time Since 2021

Net mortgage approvals for house purchases rose from 49,300 in November to 50,500 last month — the highest reading since June…reports Asian Lite News

UK average mortgage rates fell for the first time in over two years, according to data from the Bank of England, suggesting that the burden on homeowners is easing as lower borrowing costs filter through.

The data, released on Tuesday, adds to signs of stabilisation in the property market as mortgage approvals rose for the third consecutive time to a six-month high in December.

The BoE data also showed the “effective” interest rate — the actual interest paid — on newly drawn mortgages fell by 6 basis points to 5.28 per cent in December, marking the first drop since November 2021.

“There are green shoots of a recovery in the housing market and perhaps the wider economy,” said Ashley Webb, economist at the consultancy Capital Economics. 

Net mortgage approvals for house purchases rose from 49,300 in November to 50,500 last month — the highest reading since June.

Meanwhile, net approvals for remortgaging also increased from 25,700 in November to 30,800 in December, in a further sign that activity is returning to the property market.

Mortgage approvals offer an early indication of the health of the housing market. The latest figures will be closely monitored by policymakers ahead of the upcoming BoE Monetary Policy Meeting on Thursday.

ALSO READ-India to collaborate for adoption of digital public infra in Cuba

Previous Story

Investopia, London Stock Exchange explore fintech ties

Next Story

Israeli forces storm West Bank hospital

Latest from -Top News

UAE, Uganda forge closer ties 

President of Uganda received H.H. Sheikh Abdullah bin Zayed; both countries have deepened ties with strategic agreements in energy, investment and digital innovation  In a significant diplomatic engagement aimed at expanding bilateral

Macron backs Syria sanctions shift 

 Diplomatic outreach, sanctions, reconstruction, and sectarian unrest shape Syria’s complex new chapter.  In a landmark visit signalling Syria’s first re-engagement with a European capital in over a decade, French President Emmanuel Macron

Singapore lauds UAE field aid

A Singaporean delegation visited the UAE Floating Hospital in Al-Arish, where they toured its various departments and were briefed on the medical and humanitarian services provided to patients arriving from the Gaza

Leaders hail new Pope

The UAE President expressed hope that the pontiff’s tenure would advance global harmony, peace, and interfaith understanding President His Highness Sheikh Mohamed bin Zayed Al Nahyan has extended warm congratulations to Cardinal

UAE calls for calm

Sheikh Abdullah bin Zayed Al Nahyan, UAE’s Minister of Foreign Affairs, urged Inda and Pakistan to “exercise restraint” and avoid further escalation that could imperil regional and global peace The United Arab
Go toTop

Don't Miss

73% decline in foreign travellers visiting UK in 2020

The dramatic impact of Covid-19 on the number of UK-bound

‘Majority of public want ICC arrest warrants pursued’

The new UK government has overturned previous legal opposition to