UK mortgage approvals fall to lowest level since January 2024 as housing demand weakens

In July, UK mortgage approvals for home purchases hit a new low, highlighting a weakened demand in the housing market amid rising borrowing costs. Additionally, net mortgage borrowing plummeted, falling below the six-month average. While house prices saw slight annual growth, they decreased when adjusted for inflation. Conversely, unsecured consumer borrowing rose, revealing an increasing dependence on credit for everyday spending.