Net mortgage approvals for UK house purchases, a key gauge of future borrowing, fell to 53,400 in September 2026, down from 54,800 in August and below market expectations of 54,000. This marked the lowest level since December 2023 and kept approvals well under their six‑month average, underscoring ongoing pressure from elevated borrowing costs.
By contrast, approvals for remortgaging with a different lender rose sharply, increasing to 42,600 in September from 34,000 in August.
The effective interest rate on newly drawn mortgages edged up to 4.63% in September, from 4.60% in August, while the rate on the outstanding stock of mortgages increased to 4.03%, compared with 4.00% a month earlier.
