The number of UK mortgage approvals rose slightly to 63,770 in July 2022 from a revised 63,184 in June. This is above market expectations of 61,725, but below the 12-month pre-pandemic average of 66,800.
Re-mortgaging approvals, which only involve transferring from one lender to another, rose to 48,400 in July from 43,300 in June. This is still below the 12-month pre-pandemic average of 49,500.
According to estimates, UK mortgage approvals are expected to reach around 51.00 thousand by the end of this quarter. In the long-term, the country’s mortgage approvals are expected to trend upwards to around 62.00 thousand by 2023 and 68.00 thousand by 2024.
Whether you are looking to buy a residential property or invest in a buy to let property, the UK has much to offer as it remains an incredibly desirable location, boasting fantastic properties, excellent educational institutions, and a high quality of life.
Elie Saab Residences
One of the most sought-after projects by GCC investors is the Elie Saab residences. You can experience the city’s green landscape and its rich culture. With a view of Hyde Park, you can indulge in a lavish lifestyle. The residences offer a variety of dining and shopping options, as well as a vast art scene.
The interior design of the residences is inspired by the signature style of Elie Saab. The entrance lobby is also infused with the designer’s energy and lighting. The large apartments have plenty of space and are equipped with high-end finishes. The terrace and open views of the park provide a tranquil atmosphere.
The UK mortgage market is unique compared to other global markets. It offers some of the lowest rates, and it also has a wide variety of mortgage products. There are a variety of mortgages available in the UK. GCC Investors can avail up to 80% finance on the UK properties and this is higher than usual.
While interest rates are still low in the UK, there’s no better time to buy than right now.