Bank of England report indicates weak housing market sentiment
UK mortgage approvals hit a 33-month low in September.
According to the Bank of England’s latest Money and Credit report, published this morning, net mortgage approvals for house purchases fell to 53,400 in September.
This was a drop on August’s 54,800 approval and was below an average of around 58,800 over the previous six months. The last time approval numbers were this low was December 2023.
Net mortgage approvals for house purchases provide a useful indicator of future borrowing and housing market activity.
Approvals for remortgaging, meanwhile, increased from 34,000 in August to 42,600 in September.
Net borrowing of mortgage debt decreased to £3.9bn in September, down from £4.2bn in August and below the previous six-month average of £4.9bn.
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