Mortage approvals for house purchases totalled 72,600 in the UK in September, down from a revised 74,200 in August, but above the market forecast for 70,950.
The number of approvals was the lowest since July 2020, but stayed above pre-pandemic levels, according to the Bank of England’s Money and Credit report.
However, net mortgage borrowing rose to £9.5bn last month from a revised £4.4bn the previous month, well above market expectations of £6bn.
Borrowing was the highest since the record £17.1bn seen in June this year, driven by borrowing ahead of the end of the stamp duty holiday in October.
The BoE said net borrowing in September was £2.9bn above the 12-month average to June 2021, when the full stamp duty holiday was in effect.