Mortgage Approvals Declined By Nearly 10% In July

Data from the Bank of England shows a decline of nearly 10% in mortgage approvals in July. 

Economists had predicted approvals would be in the region of 51,000, but the data showed approvals reached 49,400 in July, down from 54,600 in June and representing a five-month low.

Zoopla's latest House Price Index shows a rapid slow down in house price inflation over the last year.  Housing market activity is well below the levels of the pandemic years, although in line with 2019, and the number of property sales this year is down 21% against 2022.  Weaker demand, more price sensitive buyers and fewer sales have seen prices rise just +0.1% since August 2022.  

Data from Zoopla also revealed that, in the last 4 weeks, demand from buyers is 34% lower than average in the same period over the last 5 years (2018-2022). 

Source : Insight DIY using ONS and Zoopla data 

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