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.

Approvals for house purchases fell to 56,053, the lowest since January 2024 and down from 58,215 in June.

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Some 56,053 mortgages were approved for house purchase in July, marking the lowest figure since January 2024, according to a Bank of England report.

Some 56,053 mortgages were approved for house purchase in July, marking the lowest figure since January 2024, according to a Bank of England report.