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| Mortgage approvals by British banks fall to seven-month low | Mortgage approvals by British banks fall to seven-month low |
| (1 day later) | |
| The number of mortgages approved by Britain’s high street banks fell to a seven-month low in September, a month after the Bank of England raised interest rates. | The number of mortgages approved by Britain’s high street banks fell to a seven-month low in September, a month after the Bank of England raised interest rates. |
| Big British lenders approved 37,352 mortgages for house purchases last month, down from 42,581 in August, according to figures from UK Finance, the banking trade body. It was the lowest level since February this year and a 10% fall compared with September 2017. | Big British lenders approved 37,352 mortgages for house purchases last month, down from 42,581 in August, according to figures from UK Finance, the banking trade body. It was the lowest level since February this year and a 10% fall compared with September 2017. |
| Gross mortgage lending was £3bn lower than August at £21.5bn, the weakest since April this year. | Gross mortgage lending was £3bn lower than August at £21.5bn, the weakest since April this year. |
| The Bank of England raised interest rates in August for only the second time in a decade, from 0.5% to 0.75%. | The Bank of England raised interest rates in August for only the second time in a decade, from 0.5% to 0.75%. |
| Howard Archer, the chief economic adviser to the EY Item Club forecasting group, said: “The housing market is struggling for traction in the face of still-limited consumer purchasing power, fragile consumer confidence and wariness over higher interest rates. Brexit uncertainty may also be having some dampening impact on activity.” | Howard Archer, the chief economic adviser to the EY Item Club forecasting group, said: “The housing market is struggling for traction in the face of still-limited consumer purchasing power, fragile consumer confidence and wariness over higher interest rates. Brexit uncertainty may also be having some dampening impact on activity.” |
| The housing market has slowed in the two years since the vote to leave the EU, with properties in London a particular weak spot, with falling prices. | The housing market has slowed in the two years since the vote to leave the EU, with properties in London a particular weak spot, with falling prices. |
| UK house prices grew at the slowest rate in five years in the year to August, according to figures published earlier this month by the Office for National Statistics. London was the only region where prices fell on an annual basis, down 0.2%. | UK house prices grew at the slowest rate in five years in the year to August, according to figures published earlier this month by the Office for National Statistics. London was the only region where prices fell on an annual basis, down 0.2%. |
| Economists and industry practitioners have warned that the prospects for increased mortgage lending in the coming months are limited by persistent concerns over affordability, as well as the uncertainty over the impact Brexit will have on the economy. | Economists and industry practitioners have warned that the prospects for increased mortgage lending in the coming months are limited by persistent concerns over affordability, as well as the uncertainty over the impact Brexit will have on the economy. |
| UK Finance’s figures for September showed the number of people looking to remortgage properties also fell, to a six-month low of 27,676. Remortgaging had hit its highest level since November 2017 in August, as homeowners rushed to lock in lower interest rates before the rate rise. | UK Finance’s figures for September showed the number of people looking to remortgage properties also fell, to a six-month low of 27,676. Remortgaging had hit its highest level since November 2017 in August, as homeowners rushed to lock in lower interest rates before the rate rise. |
| UK Finance also published figures on British households’ non-mortgage borrowing, which showed annual growth of 4% in consumer credit such as personal loans and credit cards. That represented a second consecutive monthly acceleration after consumer credit growth hit its slowest rate since late 2014 in July. | UK Finance also published figures on British households’ non-mortgage borrowing, which showed annual growth of 4% in consumer credit such as personal loans and credit cards. That represented a second consecutive monthly acceleration after consumer credit growth hit its slowest rate since late 2014 in July. |
| Housing market | Housing market |
| Housing | Housing |
| Homes | Homes |
| Mortgage lending figures | Mortgage lending figures |
| Mortgages | Mortgages |
| Real estate | Real estate |
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