Mortgage approvals increased by 5% in August but were still 10.3% lower-year-on-year, e.surv’s Market Monitor has found.
In August there were 63,972 approvals, a figure e.surv felt signified returning consumer confidence after activity fell in the aftermath of the EU referendum vote.
Richard Sexton, director of e.surv chartered surveyors, comments: “Despite the number of approvals being lower than a year ago, positive signs are already emerging in this post-referendum mortgage market.
“The policy announcements made in the aftermath of the vote look to have calmed the nerves of borrowers and lenders alike. Thanks to this, we have seen the market grow by 5% between July and August.
“The decision made by the Bank of England’s Monetary Policy Committee to lower the base rate to 0.25% has also boosted the prospects of mortgage borrowers. This survey has caught the initial impact of the rate cut, however the full effect of the decision will be seen in the coming months.”