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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by Renju Jaya
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