British lenders cut mortgage availability for first time in three years
A Bank of England survey showed reduced access to secured household lending and weaker mortgage demand, although demand was expected to recover in the current quarter.
London, United Kingdom. British lenders tightened access to mortgages and other forms of secured household borrowing in the three-month period ending in August, the first reduction in three years, according to a Bank of England survey. Household demand for mortgages also declined.
Demand and approvals weaken
The Bank’s quarterly Credit Conditions Survey recorded the steepest fall in mortgage demand since early 2023, but forecast a rebound during the current quarter.
Separate figures from the Bank of England showed that August approvals for home-purchase mortgages reached their lowest level since December 2023, consistent with the survey’s findings.
Interest rate concerns
The Royal Institution of Chartered Surveyors said the possibility of a higher Bank of England interest rate was putting pressure on the British property market.
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