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UK home loan approvals now at their lowest for 19 months

By Ben Woods

The number of mortgages being approved to home buyers in August hit its lowest level since January 2015, according to a high street banking report.

Loans for house purchases sunk to a 19-month low of 36,997, falling from 37,672 in July and 39,787 in June, figures from the British Bankers' Association (BBA) said.

Mortgage approvals for house purchases were also down more than a fifth compared to August 2015, when the figure was 46,785.

The report comes as the property market continues to react to April's stamp duty rise and uncertainty triggered by Britain's vote to leave the EU.

Gross mortgage borrowing grew 1% to £12.4bn in the period.

BBA chief economist Dr Rebecca Harding said the findings pointed to a softening in the housing market.

"Mortgage borrowing is growing at a slower pace," she added.

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