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UK mortgage approvals hit lowest since late 2023 as rates rise

In August, UK lenders approved 54,918 new home loans on a seasonally adjusted basis, below the roughly 60,100 average over the prior six months.

Reported · Written up by our desk · Mortgages

UK mortgage approvals fell to their lowest level since the end of 2023, according to Bank of England data highlighted by The Guardian Business.

The outlet reported that UK lenders approved 54,918 new home loans in August on a seasonally adjusted basis.

The Guardian added that the August figure was the lowest since December 2023 and came in well below the approximately 60,100 average of approvals over the previous six months.

The coverage attributed the decline to higher borrowing costs discouraging potential home buyers.

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