Mortage approvals for house purchases totalled 72,600 in the UK in September, down from a revised 74,200 in August, but above the market forecast for 70,950.
The number of approvals was the lowest since July 2020, but stayed above pre-pandemic levels, according to the Bank of England‘s Money and Credit report.
However, net mortgage borrowing rose to GBP9.5bn last month from a revised GBP4.4bn the previous month, well above market expectations of GBP6bn.
Borrowing was the highest since the record GBP17.1bn seen in June this year, driven by borrowing ahead of the end of the stamp duty holiday in October.
The BoE said net borrowing in September was GBP2.9bn above the 12-month average to June 2021, when the full stamp duty holiday was in effect.