The Aporia · UK mortgage approvals fall to lowest since end of 2023

UK mortgage approvals fall to lowest since end of 2023

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Wise, A. (2026, September 29). UK mortgage approvals fall to lowest since end of 2023. Evening Standard. https://www.standard.co.uk/business/money/bank-of-england-lucian-cook-experts-iran-savills-b1298798.html

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Quick Summary

Mortgage approvals in the UK fell to a six-month low of 54,900 in August, down from 55,900 in July, according to the Bank of England. This decline is attributed to higher borrowing costs and living expenses impacting housing demand. Additionally, remortgaging approvals dropped slightly to 34,000 in August, reflecting a decrease in refinancing activity despite many fixed-term rates ending. Katie Clinton from KPMG attributes this trend to affordability issues exacerbated by the Iran conflict's economic impact.

Written by AI on 2026-09-29, from this article's own text only (the story summary below draws on all the coverage).

AI analysis

Story summary

The number of mortgage approvals in the UK fell to 54,900 in August 2023, down from 55,900 in July, according to the Bank of England’s latest data. This is the lowest level since December 2023 and below the previous six months' average of about 60,100. Additionally, remortgaging approvals dropped slightly to 34,000 from 34,600 in July. The increase in effective interest rates on new mortgages to 4.6% from 4.45% also contributed to the decline. Katie Clinton from KPMG UK attributes this downturn to affordability issues exacerbated by higher inflation and mortgage rates due to the Iran conflict, impacting homeowners' confidence and their ability to take on more debt.

Written for “UK Mortgage Approvals Decline” on 2026-11-01, grounded in this article and the 0 other(s) covering the same event.

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20%

2 of 10 hedged ("reportedly", "may", "according to")

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no quote in the article backed the model's score

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65/100

Evening Standard's corrections and hedging, across everything collected from it. Not a measure of accuracy.

Outlets on this story

Economy/Business

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Who wrote this

Anna Wise

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Claims (10 extracted, 2 hedged)

The number of mortgage approvals made to home buyers has slipped to its lowest level since the end of 2023, figures show, as elevated borrowing and living costs weighed on housing demand. asserted

borrowing → make → demand

Some 54,900 mortgages were approved for a house purchase in August, decreasing from 55,900 in July, according to the Bank of England’s latest money and credit data. uncertain

mortgages → approve → data

It means UK mortgage approvals, which are looked to as an indicator of future borrowing, were their lowest since December 2023, and below the average of about 60,100 over the previous six months. asserted

which → mean → months

Furthermore, the Bank found that the number of remortgaging approvals, which capture only remortgaging with a different lender, decreased to 34,000 in August, from 34,600 in July. asserted

which → find → July

The decline in approvals came as the effective interest rate on newly drawn mortgages increased to 4.6% in August, from 4.45% in July. asserted

rate → come → July

This reflects the actual interest paid on home loans. asserted

This → reflect → loans

Katie Clinton, head of financial services advisory at KPMG UK, said: “A further fall in mortgage approvals in August points to affordability pressures continuing to weigh on housing demand, as the shocks from the Iran conflict push up both inflation and mortgage rates. asserted

shocks → say → inflation

“Meanwhile, the drop in remortgaging suggests refinancing demand softened, despite many borrowers reaching the end of existing fixed term rates.” uncertain

borrowers → suggest → rates

“The weakness in these numbers reflects the recent volatility in the mortgage markets, which have made it more expensive for people to take on a bigger mortgage,” he said. asserted

he → reflect → mortgage

“This has been compounded by the lack of housing wealth accumulated by homeowners over the past four years, given the pressure on house prices since September 2022. “Upsizers, in particular, are putting off plans to move, until they have more confidence in their personal finances and their ability to service more debt.” asserted

they → compound → debt

UK mortgage approvals fall to lowest since end of 2023

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Claims (10 extracted, 2 hedged)