The 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. In June, the figure stood at 40,329, the highest so far in 2018.
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% lower than October 2017 and 22.3% below their long-term average.
