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The Guardian - UK

Business

Miles Brignall

UK mortgage approvals for October fall 10% after mini-budget

United Kingdom Bank of England Kwasi Kwarteng Zoopla

The interest rate on new mortgages jumped by 0.25% to 3.09% in October. — The interest rate on new mortgages jumped by 0.25% to 3.09% in October. Photograph: Stefani Reynolds/AFP/Getty Images

The chaos in the mortgage market that followed Kwasi Kwarteng’s now infamous mini-budget led to a 10% fall in the number of mortgage approvals during October.

According to the latest figures from the Bank of England, the number of mortgages approved by lenders slumped from 66,000 in September to 59,000 last month – the lowest monthly total for mortgage approvals since June 2020.

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