Mortgage approvals fall in July to lowest since January 2024.
UK mortgage approvals fell in July to their lowest level since January 2024, according to data released on Tuesday by the Bank of England.
Source: Sharecast
The latest monthly Money and Credit report showed that net mortgage approvals for house purchases declined to 56,100 from 58,200 in June.
Net borrowing of mortgage debt fell to £4.3bn in July from £7.7bn the month before.
The ‘effective’ interest rate - the actual interest paid - on newly drawn mortgages eased to 4.45% in July from 4.35% in June. Meanwhile, the rate on the outstanding stock of mortgages was 3.97%, up from 3.96% in June.
The report also showed that net borrowing of consumer credit by individuals rose to £2bn in July from £1.9bn the month before. Within that, net borrowing through credit cards was £0.9bn, down from £1.0bn. Net borrowing through other forms of consumer credit - such as car dealership finance and personal loans - rose to £1.1bn in July from £0.9bn a month earlier.
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