UK Mortgage Borrowing Slumps to £4.3 Billion in July

Mortgage borrowing by individuals dropped significantly in July, according to the Bank of England's latest banking statistics. The net borrowing of mortgage debt fell to £4.3 billion from £7.7 billion in June, which is below the previous six-month average of £5.3 billion.

The number of mortgage approvals for house purchases also decreased to 56,100 in July, down from 58,200 in June and below the average of around 60,800 over the previous six months.

However, there was a slight increase in mortgage repayments, reaching £21.3 billion in July, above the six-month average of £20.8 billion.