UK mortgage approvals at 12-year high as house prices keep rising

Desire for more space on back of Covid homeworking fuels housing market, says Halifax

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Mortgage applications in the UK have surged to a 12-year high as house prices rose at the fastest annual pace since mid-2016, the mortgage lender Halifax has reported.

Halifax, which is part of Lloyds Banking Group, the UK’s biggest mortgage lender, said the market was fuelled by a desire for more space, with more people working from home in the wake of the Covid-19 pandemic, but warned that rising unemployment and recession will suppress demand further out.

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