UK mortgage approvals fall to lowest level since January 2024 as housing demand weakens
- UK mortgage approvals for home purchases hit a new low, highlighting a weakened demand in the housing market amid rising borrowing costs.
- Mortgage approvals for house purchases in the UK fell to their lowest level since January 2024 in July, signalling weaker demand in the housing market as borrowing costs continue to weigh on prospective buyers.
- According to Reuters, citing Bank of England data, lenders approved 56,053 mortgages for house purchases in July, down from 58,215 in June and below the 59,500 median forecast in a Reuters poll of economists.
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- UK mortgage approvals for home purchases hit a new low, highlighting a weakened demand in the housing market amid rising borrowing costs.
- Mortgage approvals for house purchases in the UK fell to their lowest level since January 2024 in July, signalling weaker demand in the housing market as borrowing costs continue to weigh on prospective buyers.
- According to Reuters, citing Bank of England data, lenders approved 56,053 mortgages for house purchases in July, down from 58,215 in June and below the 59,500 median forecast in a Reuters poll of economists.
Sources: Times of India