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The Guardian - UK
The Guardian - UK
Business
Graeme Wearden

UK mortgage demand drops to 32-month low as Iran war drives up borrowing costs

Iran United Kingdom Moneyfacts
Two people looking at houses and properties offered for sale in an estate agent’s window display
Two-year fixed mortgages are the most expensive since July 2024, at 5.93%, according to Moneyfacts. Photograph: Christopher Thomond/The Guardian

Demand for UK mortgages slumped to a 32-month low in August as buyers were deterred by rising costs linked to the war in Iran.

Just 54,918 mortgages for new home purchases were approved in August, the Bank of England reported on Tuesday, the lowest monthly total since December 2023.

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