Mortgage approvals return to 'normal' levels

October saw mortgage approvals return to more 'normal' levels.
The Bank of England report 67,199 mortgages were approved in October, just above the long-term monthly average of 66,462 (based on 2015–2019).
The property market is predicted to return to calmer market conditions during the first quarter of 2022. The volume of new supply to the market is expected to rise.
Rising inflation and the probability of a rise in the base rate of interest looks set to impact on buyer affordability in 2022 and beyond. Source: Dataloft, Bank of England