UK Mortgage Approvals November 2026: Approvals Slump to Lowest Since 2023 as Average Mortgage Rate Hits 5.89%, What Wimbledon Homebuyers Need to Know

November 11, 2026

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Just 53,400 mortgages for house purchase were approved across the UK in September 2026, the lowest monthly total since December 2023 [1]. That figure, published by the Bank of England on 29 October, is the clearest sign yet that higher borrowing costs are biting. For buyers and movers in Wimbledon and South West London, the UK mortgage approvals November 2026 picture is a mix of caution from lenders, a surge in remortgaging, and softer prices that create room to negotiate.

Key Takeaways

Net mortgage approvals for house purchase fell to 53,400 in September 2026, below the 54,000 expected and the lowest since December 2023 [1].
The Moneyfacts Average New Mortgage Rate reached a three-year high of 5.89% at the start of November 2026 [2].
The Bank of England raised Bank Rate from 3.75% to 4% on 5 November 2026, its first increase since 2023 [3].
Lloyds reports Greater London house prices down 3.1% year-on-year in October 2026 to £524,892, the largest regional fall [4].
Remortgage approvals jumped to 42,600 in September as borrowers moved to lock in deals [1].

UK Mortgage Approvals November 2026: The Bank of England Data

The Bank of England's Money and Credit release for September 2026 shows a steady decline in purchase approvals over the past year [1]. Approvals have fallen from 64,500 in November 2025 to 56,100 in July 2026, 54,900 in August and 53,400 in September.

Month	Approvals for house purchase	Effective rate on new mortgages
November 2025	64,500	4.20%
July 2026	56,100	4.45%
August 2026	54,900	4.60%
September 2026	53,400	4.63%

Source: Bank of England data via Trading Economics [1].

Two other numbers stand out. Remortgage approvals, meaning switches to a different lender, jumped to 42,600 in September from 34,000 in August [1]. And the rate on the outstanding stock of mortgages rose to 4.03%, up from 4.00% [1]. Together these show existing borrowers moving quickly as fixed deals end, while new buyers hold back.

Why Average Mortgage Rates Hit 5.89%

The Moneyfacts Average New Mortgage Rate rose to 5.89% at the start of November 2026, a three-year high [2]. Yet the weekly roundup from 4 November also shows several lenders cutting selected fixed rates in the days before the Bank of England decision [2].

Best-buy examples from that week included:

Two-year remortgage at 4.99% from HSBC and Nationwide Building Society [2]
Five-year remortgage at 5.05% from Lloyds Bank and Virgin Money [2]
Two-year homemover deal at 4.90% from Yorkshire Building Society [2]
Five-year homemover deal at 4.91% from Santander [2]
First-time buyer 90% loan-to-value deals at 5.28% (two-year, Virgin Money) and 5.19% (five-year, first direct) [2]

Rachel Springall of Moneyfacts said lenders "could well pivot away from making aggressive rises over the coming weeks" [2].

The gap between the 5.89% average and the sub-5% best buys is wide. It rewards borrowers who shop around, keep a strong credit record and can offer a larger deposit.

The Bank Rate Rise to 4% and What Comes Next

On Thursday 5 November 2026, the Bank of England's Monetary Policy Committee raised Bank Rate from 3.75% to 4% [3]. It was the first rise since 2023. The vote was 8 to 1, with Catherine Mann preferring a larger half-point increase to 4.25% [3].

The Bank expects inflation to peak at an average of 4.8% in the second quarter of 2027 and not return to 2% until the third quarter of 2028 [3]. Governor Andrew Bailey said the increase "shouldn't be seen as the first in an inevitable long sequence of hikes", but added he could see the case for a further rise without news that eases inflation risks [3]. Markets were pricing in three quarter-point rises in 2027, more than most economists expect [3].

For borrowers on tracker mortgages, the rise feeds straight through to monthly payments. For those on fixed rates, the question is what deals will look like when the current term ends. Jason Tebb, president of OnTheMarket, said lenders had already priced in the rate rise, but warned further increases could follow if inflation climbs [4].

What UK Mortgage Approvals November 2026 Mean for Wimbledon Buyers

Fewer approvals means fewer competing buyers, and the price data reflects that. The Lloyds House Price Index for October 2026 shows UK prices down 1.2% year-on-year to £296,285, the biggest annual fall since October 2023 [4]. Greater London recorded the largest regional fall, down 3.1% to £524,892 [4].

In practical terms, this is a buyer's market in South West London:

Sellers in Wimbledon, Raynes Park and across Merton face more negotiation on asking prices.
Buyers with mortgage offers in hand hold a stronger position than at any point in the past three years.
Lenders are cautious, which raises the risk of a mortgage valuation coming in below the agreed price.

That last point matters. When a lender's valuer reports a lower figure, the buyer must make up the difference or renegotiate. In a market where prices are drifting down, this is becoming more common.

Why a Survey and Independent Valuation Matter Now

A cautious lender is not the same as a thorough one. A mortgage valuation is a brief inspection for the bank's benefit. It is not a survey of the property's condition.

For older Victorian and Edwardian housing stock common across Wimbledon, a RICS Level 3 Building Survey gives a detailed picture of structure, roofing, damp, timber and services. For more modern or conventional homes, a Level 2 HomeBuyer Survey covers the main risks at a lower cost. Either report gives buyers evidence to renegotiate if defects are found.

An independent RICS valuation also helps. It provides a market-based figure that buyers can use to challenge a down-valuation or to set a realistic offer in a falling market. For remortgagers, it can support a lower loan-to-value band and therefore a cheaper rate.

A chartered surveyor can advise on which survey level suits the property, carry out the inspection, and provide a valuation report that stands up to lender scrutiny.

FAQ

How low are UK mortgage approvals in November 2026?

The latest Bank of England data, for September 2026, shows 53,400 approvals for house purchase, the lowest since December 2023 [1]. October data is due at the end of November.

What is the average mortgage rate right now?

The Moneyfacts Average New Mortgage Rate reached 5.89% at the start of November 2026, a three-year high, though best-buy deals were available below 5% [2].

Will the Bank of England raise rates again?

The Bank raised Bank Rate to 4% on 5 November 2026. Governor Andrew Bailey said this should not be seen as the start of a long sequence of hikes, but a further rise is possible if inflation risks do not ease [3].

Are house prices falling in London?

Yes. Lloyds reports Greater London prices down 3.1% year-on-year in October 2026 to £524,892, the largest fall of any UK region [4].

Conclusion

The UK mortgage approvals November 2026 data tells a clear story: purchase approvals at a near three-year low, an average new mortgage rate of 5.89%, a Bank Rate of 4% and London prices down 3.1% in a year [1][2][3][4]. For Wimbledon buyers, that combination means more choice and more negotiating power, but also more caution from lenders.

Next steps: compare rates widely rather than accepting the first offer, secure a mortgage agreement in principle before viewing, and commission a Level 2 or Level 3 survey plus an independent valuation before exchange. Those three steps protect against both overpaying and unexpected repair bills.