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UK mortgage approvals fell more than expected in July as high interest rates hit the property market, according to the Bank of England.
Net mortgage approvals fell from 54,600 in June to 49,400 in July, the BoE said. This was much lower than the 51,000 forecast by economists in a Reuters poll and reverses the jump registered in June.
Approvals were 22 per cent fewer than in the same month last year, reflecting the rise in borrowing costs. The average interest rate on new mortgages rose to 4.66 per cent in July, its highest since 2008.
Overall consumer borrowing fell to £1.2bn in July from £1.6bn in June, the bank said, driven by car loans and personal loans.
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