Mortgage approvals by British banks fall to seven-month low

Housing market affected by affordability, Brexit and uncertainty over interest rates

The number of mortgages approved by Britain’s high street banks fell to a seven-month low in September, a month after the Bank of England raised interest rates.

Big British lenders approved 37,352 mortgages for house purchases last month, down from 42,581 in August, according to figures from UK Finance, the banking trade body. It was the lowest level since February this year and a 10% fall compared with September 2017.

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