The housing market has been slowing since the decision to leave the European Union Tim Ireland/PAThe number of mortgages being approved rose in October, but the housing market remained subdued amid uncertainty about the strength of the economy. Mortgage approvals climbed to a four-month high of 39,697 in October after falling to a four-month low of 38,712 in September, according to UK Finance. The October levels, however, were weak compared with historical averages, Howard Archer, chief economic advisor to the EY Item Club, noted. Last month’s approved mortgages were 1.7 per cent lower than October 2017 and 22.3 per cent below their long-term average. “Mortgage approvals for house purchases have essentially been locked in a range of 38,000 to 40,000 through 2018,” Mr Archer said.

Source: The Times November 26, 2018 17:03 UTC