In October, the number of mortgage approvals in the UK reached its highest level in over two years, with 68,300 home loans granted. This exceeded economists' expectations of 64,500 approvals and indicates a strong response from buyers despite concerns about tax increases and high interest rates.

The increase in mortgage approvals reflects a resilient housing market in the face of challenging economic conditions. The last time approvals reached this level was in August 2022, suggesting a potential change in market sentiment as consumers adapt to the current financial landscape.