UK Mortgage Approvals Hit 19-Month Low in July
Bank of England data reveals UK mortgage approvals dropped to 56,053 in July, marking the lowest figure since January 2024. Meanwhile, net unsecured consumer lending grew by over two billion pounds during the month.
Insights:
United Kingdom lenders approved 56,053 mortgages in July, hitting the lowest level since January 2024. The drop missed all economist forecasts, which had pointed to a rise to 59,500. This contraction highlights mounting pressure on the housing market amid persistent economic headwinds.