Decline in mortgage approvals for September

October 30, 2015

Official figures released yesterday show mortgage approvals declined for the first time in four months in September.

According to data published by the Bank of England, mortgage approvals for house purchases declined from 70,664 to 68,874 last month, compared with analysts’ expectations for a 72,500 reading.

Overall lending rose at its fastest rate since December 2008, this was boosted by strong growth in mortgage lending and consumer credit according to the report.

“The dip in mortgage approvals in September could possibly reflect recent modestly reduced expectations of a near-term rise in interest rates,” said Howard Archer, chief UK and European economist IHS Global Insight.

“It may be that mortgage approvals had been lifted in recent months by a significant number of house buyers looking move quickly to try and lock in a low mortgage interest rate before they start rising.”

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Breaking News

Residential projects remain under pressure

Infrastructure keeps UK construction moving through a sluggish spell Residential and non-residential projects remain under pressure, while infrastructure and utilities work give the industry a much-needed lift The value of underlying work starting on-site during the latest three months declined 2% and stood 18% below last year’s levels. Residential construction starts fell 8% against the…
Read More →
Breaking News

Homebuyers hold tight ahead of Autumn Budget

but should they wait to make their move?   The latest research from Yopa has revealed that mortgage market activity has reversed in recent months, with approvals falling at an average monthly rate of 3.9% over the last four months, having previously increased by an average of 1.5% per month over the previous four months, suggesting…
Read More →
Breaking News

House price growth accelerates in Q2

The latest Property Market Index Review by London lettings and estate agent, Benham and Reeves, has revealed that the property market continued to build momentum during the second quarter of 2026, with UK house prices increasing by 1.1%, while London recorded a second consecutive quarter of positive growth.   The Benham and Reeves Market Index Review…
Read More →
Breaking News

House prices hold steady despite impact of higher interest rates

House prices were unchanged in September (0.0%), following a -0.3% fall in August The average property price is now £298,441, compared to £298,395 in August Prices were also unchanged annually (0.0%) compared with September last year Northern Ireland continues to lead UK annual growth, at +7.4% Latest first-time buyer prices reveal what a 2.5% deposit…
Read More →
Breaking News

Breaking Property News 5/10/26

Daily bite-sized proptech and property news in partnership with Proptech-X. Architect-founded KnowYourNest brings property scores into the home search, with a free 1–10 score and full KnowYourNest reports from £9.95 By Author Andrew Stanton CEO Proptech-PR NestLink today launches free NestScore checks and KnowYourNest property intelligence reports for buyers and homeowners across England and Wales.…
Read More →
Breaking News

Gap between house prices and earnings narrows

Gap between house prices and earnings narrows – but higher borrowing costs limit affordability gains UK’s house price to income ratio falls from 7.6 to 7.3, an 11-year low, as earnings continue to outpace house price growth For first-time buyers, homes now cost less than six times earnings, falling from 6.1 to 5.9 However, monthly…
Read More →