UK mortgage approvals hit record high since early 2017

Last month, UK banks approved the largest number of mortgages since February 2017, highlighting the stabilization of the housing sector, which has been affected by the uncertainties surrounding Brexit.

The total number of mortgages approved by major banks on the main street rose from 40,600 to 40,000 in April, according to data from UK Finance, an agency specializing in trading.

The increase corresponds to an annual increase of 11.5%, which is the highest rate since March 2016.

"The surge in April mortgage approvals suggests that housing market activity may well benefit from at least temporary support by avoiding a disruptive Brexit in late March," said Howard Archer, Chief Economic Advisor. at EY ITEM Club, a consulting firm.

While a vigorous labor market, a housing shortage and very low interest rates support a vigorous housing market, Brexit Angst has weighed on the property market due to slower price growth housing and low mortgage use after the 2016 referendum.

The UK financial report is based on data from seven leading banking groups, which account for about two-thirds of the total market. Mortgage figures will be released by Bank of England on Friday.