The effect of higher interest rates on home purchases became clearer in August, as the amount of mortgage approvals in the month fell further, while the average rate paid on new deals rose sharply.
According to figures released today by the Bank of England, the number of approvals for home purchases fell to just 45,400, the lowest figure since February, when approvals plummeted in the wake of the mini-Budget. Though still higher than the low-point reached last year, monthly approvals are far below the average of the last decade, when around 70,000 was a typical figure.
