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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by Renju Jaya
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