UK mortgage approvals declined to a 28-month low in October as rising interest rates started to hurt housing market activity, official data revealed on Tuesday.
Approvals for house purchases, an indicator of future borrowing, declined more-than-expected to 58,977 in October from 65,967 in September, the Bank of England data showed. The expected level was 60,200 and reached the lowest since June 2020. Secured lending decreased to GBP 3.96 billion in October from GBP 5.87 billion in the previous month. This was the lowest since November 2021.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.