Mortgage approvals for house purchases in the United Kingdom fell to 56,053 in July, marking the lowest figure since January 2024 and a decrease from 58,215 in June. This data, released by the Bank of England, signals a continued subdued state for the housing market.
Lender Nationwide reported that house prices increased by only 0.2 percent in August. Robert Gardner, chief economist at Nationwide, commented that market activity and house prices have remained subdued in recent months. He attributed this trend, in part, to ongoing geopolitical tensions which are exerting upward pressure on energy prices and market interest rates.