UK mortgage approvals fall to lowest since end of 2023

Summarised from 2 outlets · 4 reports · Updated 30 Sept, 02:55 · Archive

The Bank of England reported that 54,900 mortgages were approved in August, the lowest since December 2023.

UK mortgage approvals fell to their lowest level since the end of 2023 in August, with the Bank of England reporting 54,900 approvals compared to 55,900 in July. The Guardian reports that the decline was linked to rising borrowing costs, with five-year fixed mortgage rates hitting 5.94%, their highest since October 2023.

How it is being reported

• UK mortgage demand drops to 32-month low as Iran war drives up borrowing costsAverage five-year fixed mortgage interest rate has hit 5.94%, its highest since October 2023, says Moneyfacts Business live – latest updates Demand for UK mortgages slumped to a 32-month low in August as buyers were deterred by rising costs linked to the war in Iran. Just 54,918 mortgages for new home purchases were approved in August, the Bank of England reported on Tuesday, the lowest monthly total since December 2023. Continue reading...The Guardian · 29 Sept, 14:11
• UK mortgage approvals fall to lowest since end of 2023Some 54,900 mortgages were approved for a house purchase in August, decreasing from 55,900 in July, the Bank of England said.Evening Standard · 29 Sept, 11:27
• UK mortgage approvals fall to lowest since end of 2023Some 54,900 mortgages were approved for a house purchase in August, decreasing from 55,900 in July, the Bank of England said.Evening Standard · 29 Sept, 11:27
• UK mortgage approvals fall to lowest since end of 2023Some 54,900 mortgages were approved for a house purchase in August, decreasing from 55,900 in July, the Bank of England said.Evening Standard · 29 Sept, 10:38

In this story: Bank of England · United Kingdom

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