UK mortgage approvals hit post-2022 high

British lenders approved the highest number of mortgages in July since the start of the “mini-budget” crisis in 2022 under former Prime Minister Liz Truss, according to Bank of England data that added to signs of momentum in the housing market.

Lenders approved 61,985 mortgages, the most since September 2022 when the announcement of unfunded tax cuts caused a jump in borrowing costs.

The figure was higher than the median forecast of 60,500 in a Reuters poll of economists.