UK Housing Market Shows Signs of Recovery with Increased Mortgage Approvals

January witnessed a rise in mortgage approvals and property sales, signaling potential uplift in the housing sector amid economic challenges.

Mortgage approvals in the UK reached a 15-month high in January, the highest level since October 2022, indicating a rebound in the housing market.
Property sales in January were 12% lower than the previous year but showed a month-on-month increase for the first time since August 2023.
Borrowing on credit cards and loans rose in January, suggesting increased consumer spending and financial strain.
Interest rates on new mortgages decreased slightly in January, but the market remains cautious with potential buyers waiting for further rate cuts.
The housing market's recovery is seen as a key indicator of the UK's overall economic health, with signs pointing towards an end to the recession declared in the second half of 2023.