STORY
The number of mortgages approved for house purchases fell to its lowest level since January 2024 during July, according to figures released by the Bank of England. Lenders approved 56,053 mortgages, below the 59,500 expected by economists.
June’s total was revised slightly upwards to 58,215, meaning approvals fell by more than 2,000 during the following month. Separate figures from Nationwide showed that house prices increased by 1.6 per cent in the year to August, below the current rate of consumer price inflation.
The Bank of England figures also showed that net unsecured lending to consumers increased by just over £2 billion during July. This was the largest monthly rise since November 2025 and exceeded economists’ forecast of a £1.8 billion increase.