Mortgage approvals for house purchases ticked down further in August, as the housing market continued to cool and borrowers are increasingly negotiating prices, according to experts.
The Bank of England’s latest Money and Credit report showed remortgage approvals fell from 75,100 in July to 74,500 in August, and remortgage approvals also remained low compared to the months before the pandemic, sitting at 39,700.
Meanwhile, net borrowing in August sat £1.4bn below the 12 month average to June 2021 – the period buoyed by the government’s stamp duty holiday.
Dean Esnard, director at London-based broker Magni Finance, said “August was definitely quieter than the months before.
“September has picked up again although there is not as much intensity as buyers feel there is more room for negotiation now that the market has cooled down.”
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