The UK mortgage approvals declined to an eight-month low in September as rising interest rates damped housing market activity, data from the Bank of England showed Monday. Furthermore, data on credit to businesses and consumers suggested that the economy is heading into a mild recession.
Net mortgage approvals for house purchases fell to 43,300 in September from 45,400 in August. This was the lowest since January 2023. The expected level was 45,000.
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Business News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.