Despite the issues faced this year in the property market, activity is likely to pick up in the coming Autumn months, according to analysis of mortgage approval trends over the past 60 months, conducted by Octane Capital.
Over the past five years, mortgage approval numbers across September, October and November were 7% higher than the overall average, making up 27% for the whole year, exceeding winter (26%) and summer (25%).
Spring tended to be the quietest period, as just 22% of approvals took place between April and June.
Mortgage approvals fell by 23.7% year-on-year, as there were just 633,400 over the past 12 months, down from 830,600 over the previous 12 months.
In the past six months, approvals were 14.7% lower than the six months before, at 291,600 compared to 341,800.
However, approvals climbed by 3.2% in May 2023, and then by 6.9% in June.
Jonathan Samuels, CEO of Octane Capital, said: “The mortgage market has had a mixed year, but activity could intensify in the months ahead.
“Autumn is historically the strongest time of the year, and the approval count has already improved over the summer months.
“Mortgage rates are steady and in many cases now falling, which should help to spur on potential buyers.
“For those who can afford to move, there are opportunities – in a quieter market you don’t need to rush into any decisions and can buy at a competitive price.”
