The Bank of England says that this was the third consecutive month that mortgage approvals have fallen while remortgaging is at its lowest since 1999.

Net mortgage approvals for house purchases fell to 43,300 in September, the lowest level since January 2023, while net approvals for remortgaging fell to 20,600 in September, the lowest level since January 1999, the Bank of England’s Money and Credit Report revealed yesterday.

This was the third consecutive month that mortgage approvals have fallen according to the Bank’s Money and Credit report for September and also the second lowest monthly total seen since the start of the year.

This apparent cooling off in the housing market is very likely a result of the increased cost of living and successive interest rate rises. However, as many would-be home movers have decided to stay put for now, it has meant that there hasn't been a large supply of properties for sale, which has kept prices reasonably steady. 

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