Mortgage approvals fell 15 per cent in September
The number of mortgages approved by high street lenders fell 15 per cent in the year to September, figures published today showed.
The British Bankers' Association said the number of mortgages given approval hit 71,738 in September – up from 69,499 in August. But the figure was down on the 74,252 six-month average, and three per cent lower in the nine months to September than it was during the first nine months of 2015.
Meanwhile, remortgaging approvals stayed flat, although in the first nine months of 2016 they were up 15 per cent on the same period a year ago.
Analysts suggested the dip was largely thanks to house buyers holding off in the months following the Brexit vote.
"The September BBA data tie in with other indications that housing market activity has stabilised after recent softness, helped by the current resilience of the economy," said Howard Archer, chief European and UK economist at IHS Global Insight.
"The Royal Institution of Chartered Surveyors (Rics) has reported that buyer enquiries rose in September for the first time since February although the increase was modest and variable across regions"
The figures also showed consumer borrowing rose to £400m in September, down from £500m in August. However, credit card borrowing rose to £200m, up from £100m in August.