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There’s more encouraging news for the UK property market as new figures from the Bank of England show that mortgage approvals reached their highest level in six months during July 2025.
According to the data, lenders approved 65,352 mortgages in July – the most since January and comfortably above economist forecasts of around 64,400 approvals.
The increase is a welcome sign of renewed momentum in the housing market, particularly following the dip seen in April after the stamp duty holiday came to an end. With approvals climbing steadily over recent months, it’s clear that many buyers are regaining confidence and pressing ahead with their moving plans.
The Bank of England also reported that the average interest rate on newly drawn mortgages fell to 4.28% in July, marking the fifth consecutive month of modest declines. Although rates remain higher than in previous years, this gradual easing is helping to support affordability and encourage activity.
Despite wider economic uncertainty and anticipation ahead of the Autumn Budget, the combination of stronger mortgage approvals and slightly lower borrowing costs highlights the underlying resilience of the UK property market.
For those considering a move, these figures underline that demand is holding strong, with plenty of motivated buyers still entering the market. Sellers can take encouragement from the fact that approvals are trending upward, while buyers may benefit from slightly improved affordability compared to earlier in the year.
With mortgage approvals at their highest level since January and borrowing costs continuing to edge down, the outlook for the housing market remains positive as we move into the latter part of the year.
At Hannells, we’re here to guide you through every step of your move – from expert advice on the current market to achieving the very best result for your home.
✨ If you’re thinking of moving in Derby and want to find out how much your property could be worth, get in touch with your local branch of Hannells to book your free, no-obligation and no-pressure valuation with one of our friendly and professional local experts! You can book online HERE or get in touch with our network of Derby branches HERE.
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