UK mortgage approvals fall to lowest level since January 2024 as housing demand weakens

In July, UK mortgage approvals for home purchases hit a new low, highlighting a weakened demand in the housing market amid rising borrowing costs. Additionally, net mortgage borrowing plummeted, falling below the six-month average. While house prices saw slight annual growth, they decreased when adjusted for inflation. Conversely, unsecured consumer borrowing rose, revealing an increasing dependence on credit for everyday spending.

This story was originally reported by Times of India — Top Stories. As an automated real-time news aggregator, NewsToolBar provides multi-perspective indexing and AI summarization while directing full readership directly to primary publisher sources.