The Bank of England has reported a fall in mortgage approvals.
The number of loan approvals for house purchase was 61,267 in September, compared to the average of 64,720 over the previous six months.
Similarly, the number of approvals for remortgaging was 30,500, compared to the average of 31,632 over the previous six months.
In another fall, the number of approvals for other purposes was 9,241, compared to the average of 10,468 over the previous six months.
Dennis de Jong, managing director at UFX.com, said: “Today’s fall in the number of mortgage approvals is the strongest sign yet that the housing market is finally pausing for breath after a strenuous 18-24 months.
“However, the real concern that this data points to is a lack of affordable housing. House prices may only rise marginally in the next few months, but it’s clear that prospective buyers are struggling at current prices. I suspect landlords will be very pleased with today’s news.”
