Andrew Montlake, the Managing Director at the mortgage broker Coreco, commented on the surprising findings: “For mortgage approvals to be the highest since September 2007, the month when people queued outside Northern Rock and the Global Financial Crisis symbolically began, shows the sheer extent of the pent-up demand caused by the first national lockdown.
“Brokers have been busier than ever since the property market reopened in May of this year and the number of approvals in October reflects the mad stampede to buy before the stamp duty holiday ends.
“This data is bittersweet, of course, as we all know 2021 could see the real economic impact of the pandemic start to bite. It’s hard to celebrate such robust mortgage approvals data when we all know what’s round the corner.
“Unsurprisingly, lenders are circling the wagons due to concerns over rising unemployment levels and their impact on house price growth.
READ MORE: Brexit impacts on savings, mortgages and pensions explored