UK Mortgage Approvals Plummet to Lowest Since January 2024

UK mortgage lenders approved fewer mortgages for house purchase in July than any month since January 2024, according to data from the Bank of England. A total of 56,053 mortgages were approved, falling short of both June's 58,215 and the median forecast of 59,500 economists polled by Reuters. This decline marks a significant drop in mortgage approvals.

However, consumers continued to take on debt through net unsecured lending, which rose by £2.006 billion in July, exceeding the forecast of £1.8 billion. This increase represents the biggest rise since November 2025.