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UK property market shows resilience as mortgage approvals remain strong

The UK property market continues to demonstrate resilience, with mortgage approvals in April remaining steady at 61,140, a slight decrease from 61,263 in March, but significantly higher than the 48,587 recorded in April 2023. This marks the second consecutive month where approvals have exceeded 61,000 since August 2022, indicating a robust recovery.

Increasing buyer confidence
Alistair Singer, Director of My Home Move Conveyancing, commented on the latest figures: “Another strong month of mortgage approvals demonstrates that buyer confidence is building despite the fact that interest rates are yet to come down. With a cut expected in the coming months, we should see a further surge in activity as buyer confidence is bolstered by the first reduction to interest rates in four years.”

Singer also noted the potential impact of the upcoming election: “With a stable and strengthening housing market, any election activity is unlikely to have a material impact on momentum. Indeed, depending on the outcome, we often get a post-election bounce so we expect the market to strengthen further as the year progresses.”

Market performance and future outlook
Jonathan Samuels, CEO of Octane Capital, highlighted the positive market performance: “Current market performance indicates that the mortgage sector is set for a strong year following a period of muted activity spurred by higher interest rates. Despite the fact that a rate reduction is yet to materialise, we’ve seen buyer activity build since the base rate has been held and this is likely to continue with a potential cut on the horizon.”

He advised buyers to remain cautious: “Buyers are still advised to act with caution and not to overstretch when looking to secure a mortgage. However, the likelihood is that in the mid to long term, mortgage rates are set to come down.”

Property market momentum
Jason Ferrando, Founder and CEO of easyMoney, shared an optimistic outlook for the property market: “Mortgage market momentum continues to build and the outlook for the property market as a whole is certainly one of far greater positivity compared to much of last year. While news of a general election may now be hitting the headlines, it won’t act as a deterrent to the property market, which has overcome far greater obstacles of late than a change of tenant at Number 10.”

Optimism in the property market
Colby Short, Co-founder and CEO of, emphasised the sustained optimism in the property market: “Property market optimism is at a high and such consistently strong mortgage approval levels will only add fuel to the fire as buyer activity continues to strengthen. This is despite the fact that interest rates remain at 5.25% and it’s clear that while the cost of borrowing remains high, buyers have responded to the certainty provided from a hold on the base rate.”

Short added, “The expectation is that the market will now march forward, undeterred by the upcoming election, with the prospect of a rate cut likely to boost market sentiment even further over the coming months.”

A promising outlook for landlords
The latest mortgage approval data from the Bank of England signals a robust property market, with strong buyer confidence and sustained activity despite high interest rates. As the market anticipates potential interest rate cuts and navigates the upcoming general election, the outlook remains positive. For landlords, this environment presents opportunities for growth and investment, underscored by a resilient mortgage market and increasing buyer activity.