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UK mortgage approvals fell by 22.9% in December 2022 due to soaring mortgage rates

Posted on February 3, 2023 |

In December 2022, in the UK, mortgage approvals fell by 22.9% to 35,612 compared to November, 50.7% lower than a year ago, and 45.9% lower than the average number of approvals between 2018 and 2019.

The sharp fall was expected due to the chaos in the financial markets, as 40% of mortgage products were pulled from the market temporarily and the rise in mortgage rates fed through.

In December, mortgage approvals fell by 46.3% from the average between 2014 and 2019, the lowest number since January 2009, during the financial crisis.

In Q1, mortgage approvals are likely to be subdued due to the fall in mortgage rates from the peak in October, and mortgage approvals are predicted to fall double-digit in 2023 due to low housing market demand which affects mortgage lending.

The higher proportion of property transactions in 2023 is likely to be from cash buyers, who are unhindered by higher mortgage rates

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