The month saw the highest number of mortgage approvals since August 2022, which was shortly before the market turbulence caused by Ms. Truss’s financial statement, according to data from the Bank of England.
In August, the central bank implemented the first rate decrease in four years, lowering interest rates to 5%, which seems to have stimulated demand for home purchases.
65,647 mortgages were authorized after the cut, above market projections.
Likewise, approvals for remortgaging with a different lender rose from 3,100 to 30,800.
While the benchmark interest rate maintained at 5%, new Bank of England statistics also issued on Tuesday.
However, compared to the previous month, the average rate on the outstanding stock of mortgages increased little to 3.74% from 3.72%.
Mortgage prices surged in the two years after the September 2022 mini budget, with average rates on two- and five-year fixed terms occasionally exceeding 6%.
