UK Housing Market Shows Signs of Post-Brexit Recovery

British mortgage approvals picked up more strongly than expected last month as the housing market showed some signs of recovery after June’s vote to leave the European Union, Bank of England data showed on Monday.

However, the number of mortgage approvals – a gauge of future housing market activity – remained below its level in the months running up to the referendum, and growth in consumer borrowing also eased from recent highs.

Mortgage approvals for house purchases rose to 62,932 in September from 60,984 in August, their highest since June and easily beating the average forecast of 60,150 in a Reuters poll.


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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.