Do you crave approval?
Most of us seek approval in some way, whether from friends, family, or even our boss. But when you're buying a home, there's one approval that truly matters: your mortgage.
Getting a mortgage approved is one of the biggest steps in a property deal. It’s not just stressful for buyers; sellers also rely on these decisions, as a rejected application can put their moving plans on hold.
This is why all sides of the property market will appreciate mortgage approvals in 2025 being set to reach their highest annual total since 2021.
This finding comes from Alexander Hall, a mortgage broker and advice company, who analysed Bank of England data. They considered mortgage approval levels in the United Kingdom over the past two decades. This information forms the prediction they’ve made regarding the level of mortgage approvals we’ll see this year.
The analysis suggests 2024 was a stable year in the housing market, which might be different to how you feel. A total of 754,983 mortgages were approved, which represents a 30.8% increasing on 2023. Only 577,173 mortgages were approved that year, so it’s great to see more buyers taking the big step forward.
The 2023 figure was the lowest in over 10 years, while the 2024 figure was the highest since 2021. When you consider the boom in 2021, bouncing back from the lockdown-affected 2020, the past year was obviously a positive one.
Then again, with stamp duty changes coming into effect soon, already driving buyer behaviour, there will be external factors to consider when reviewing the mortgage approval market for this year.
Alexander Hall forecasts 856,346 mortgage approvals in 2025, a 13.4% rise from 2024. With last year already showing strong recovery, the trend looks set to continue.
Stephanie Daley is a Director of Partnerships at Alexander Hall, and Property Reporter record her saying: “2024 was a far better year with respect to mortgage market activity and we saw the number of approvals taking place climb considerably when compared to the previous year. However, it’s fair to say that there was a slight air of disappointment given that we only saw two base rate reductions and this didn’t bring the improvement to mortgage affordability levels that many had hoped.”
Stephanie continued by saying: “The good news is that 2025 is set to be an even stronger year for the sector and we’ve already seen a welcome boost in the form of an early base rate reduction, but unlike last year, we’ve also seen lenders reducing rates in anticipation of improving market conditions."
While the main focus on mortgage rates is the Bank of England and the rates they set, there will always be commercial decisions to consider. Shopping around might make all the difference when it comes to finding the most suitable mortgage.
Navigating mortgages can be overwhelming, but the right advice makes all the difference. If you’d like recommendations for trusted local mortgage advisors, get in touch – we’re happy to help!
At Coakley & Theaker, we’re more than just estate agents – we’re your local property partners. With a wealth of experience and a passion for helping people find their ideal homes, we’re committed to delivering exceptional service every step of the way.
If you’re considering a move to Bury St Edmunds in 2025 or want expert advice on the local property market, contact us today. Call 01284 769691, or get in touch via our social media profiles to discuss your options.
Bury St Edmunds, Suffolk 01284 769691 or 01359 256821 or 01449 737706 or 07803 138123
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