Mortgage approvals slump to a three-year low, with the Middle East conflict driving mortgage rates ever higher
For sale boards outside a row of terraced houses, as buyers and remortgagers face a double squeeze with both purchase and refinancing approvals falling.Mortgage approvals have fallen to their lowest level since 2023, with the sustained rise in borrowing costs driven by ongoing Middle East conflict pushing up global finance costs.
Mortgage approvals have dropped to their lowest level since 2023, with rising rates squeezing buyers out of the market. The sustained increase in borrowing costs is being driven by ongoing Middle East conflict, which is pushing up global finance costs and feeding through directly to UK home loans.
Buyers and remortgagers are facing a double squeeze as both purchase and refinancing approvals fall.
The slump adds further pressure on the housing market at a time when affordability is already stretched.
