"use strict";
var adace_load_62ffc83579f59 = function(){
var viewport = $(window).width();
var tabletStart = 601;
var landscapeStart = 801;
var tabletEnd = 961;
var content = '%3Cdiv%20class%3D%22adace_adsense_62ffc83579f1d%22%3E%3Cscript%20async%20src%3D%22%2F%2Fpagead2.googlesyndication.com%2Fpagead%2Fjs%2Fadsbygoogle.js%22%3E%3C%2Fscript%3E%0A%09%09%3Cins%20class%3D%22adsbygoogle%22%0A%09%09style%3D%22display%3Ablock%3B%22%0A%09%09data-ad-client%3D%22ca-pub-7971561283985214%22%0A%09%09data-ad-slot%3D%225648359065%22%0A%09%09data-ad-format%3D%22auto%22%0A%09%09%3E%3C%2Fins%3E%0A%09%09%3Cscript%3E%28adsbygoogle%20%3D%20window.adsbygoogle%20%7C%7C%20%5B%5D%29.push%28%7B%7D%29%3B%3C%2Fscript%3E%3C%2Fdiv%3E';
var unpack = true;
if(viewport=tabletStart && viewport=landscapeStart && viewport=tabletStart && viewport=tabletEnd){
if ($wrapper.hasClass('.adace-hide-on-desktop')){
$wrapper.remove();
}
}
if(unpack) {
$self.replaceWith(decodeURIComponent(content));
}
}
if($wrapper.css('visibility') === 'visible' ) {
adace_load_62ffc83579f59();
} else {
//fire when visible.
var refreshIntervalId = setInterval(function(){
if($wrapper.css('visibility') === 'visible' ) {
adace_load_62ffc83579f59();
clearInterval(refreshIntervalId);
}
}, 999);
}
})(jQuery);
The number of mortgage approvals made to home-buyers slumped to a 16-month low in October as the stamp duty holiday ended, Bank of England figures show.
ome 67,199 home loans for house purchase got the green light – marking the lowest total since 40,475 approvals were recorded in June 2020.
The stamp duty holiday in England and Northern Ireland ended completely in October, after being tapered in July. Home-buyers had rushed to make the most of the discounts on the tax, causing housing market activity to bunch up earlier in the year.
Despite the dip, the Bank said October’s figure was still close to the 12-month average of 66,700 approvals up to February 2020.
Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “The market is settling down a little after what has been a frenzied few months.”
Geoff Garrett, director of broker Henry Dannell, said: “The temptation of a stamp duty saving spurred many home-buyers to enter the market earlier than they may have otherwise, and so a decline following the final deadline was only to be expected.”
The Bank’s Money and Credit Report also showed that households borrowed a net additional £706 million in consumer credit in October. The figure includes borrowing on credit cards, overdrafts and personal loans.
Within the total, £637 million was credit card borrowing – marking the strongest net borrowing on credit cards since July 2020.
Households were also shoring up less money in savings in October, with £5.5 billion flowing into accounts.
When money being put into Treasury-backed NS&I accounts was also taken into account, a total of £6.4 billion flowed into these accounts in October.
This was significantly lower than an average net flow of £11.9 billion over the 12 months to September.
We expect households to continue to save an above-average share of their incomes at least until next springSamuel Tombs, Pantheon Macroeconomics
Despite the recent fall in money flowing into household savings, Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said he expects households to continue squirrelling money away in the coming months.
He said: “Households set aside into savings accounts in October the smallest sum since the pandemic began, though the emergence of the Omicron variant likely will ensure that they remain cautious over the coming months.
“The £6.4 billion increase in total liquid assets was much smaller than the £11.9 billion average increase in the previous 12 months, and quite close to the £4.8 billion average increase in the two years before the pandemic.
“The decline in saving, however, likely reflects a combination of earlier than usual Christmas gift-buying and the jump in the CPI (Consumer Prices Index measure of inflation) in October, triggered primarily by the increase in the energy price cap.
“Meanwhile, the new Covid-19 variant likely will prompt some households to visit services venues less frequently, at least until more is known about the effectiveness of current vaccines.
“Accordingly, we expect households to continue to save an above-average share of their incomes at least until next spring.”
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checkbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.