Mortgage lending fell in July before rise in interest rates

Number of mortgages approved drop by 4.3% to 39,584 compared with a year ago

Mortgage lending in Britain dropped last month before the Bank of England raised interest rates above the level set since the financial crisis, new banking industry figures show.

The industry body UK Finance said the number of mortgages approved for new house purchases dropped by 4.3% in July to 39,584 compared with the same month a year ago. City economists had forecast around 40,700, suggesting a renewed slowdown in the housing market.

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