UK mortgage demand fell to a 32-month low during August, according to data from S001. The figure for mortgages stood at 54,918 in the month, as reported by S001.
Affordability pressures continue to weigh on housing demand, according to Katie Clinton, the head of financial services advisory at KPMG UK, who stated that rising borrowing costs are causing these issues. Clinton noted that a further fall in mortgage approvals in August points to affordability pressures continuing to weigh on housing demand, as the shocks from the Iran conflict push up both inflation and mortgage rates.
The rate of mortgage approvals saw a decrease to 5.93% in August, according to S001. This figure represents a slight increase from the 5.94% recorded in the previous period, as detailed by S001.
Simon Gammon, managing partner at Knight Frank Finance, indicated that the market is expected to see a 15% drop in activity. The number of transactions recorded was 34,000, according to S001.
The rate of change in this sector was 4.60%, as shown by S001.
