UK mortgage approvals drop to lowest level since 2023
British lenders approved the fewest mortgages since December 2023 in September as rising borrowing costs dampened housing demand. Meanwhile, unsecured consumer lending grew at its fastest annual pace in over eight years.
United Kingdom lenders approved 53,443 mortgages in September, dropping to the lowest level since December 2023 as borrowing costs climbed. The decrease exceeded economists' median expectations in a Reuters poll, falling from 54,814 approvals in August. This contraction signals mounting pressure on the housing market from elevated affordability constraints and rising rates.
