UK lenders restrict mortgage availability for first time in three years — Cyprus Mail

In the United Kingdom, lenders have reduced the availability of mortgages and other secured loans for households for the first time in three years. These findings for the three months ending in late August were contained in the Bank of England's quarterly survey, Cyprus Mail reports.

Demand for mortgages declined

At the same time, household demand for mortgage loans declined. The Bank of England's quarterly Credit Conditions Survey described this fall as the largest since the beginning of 2023.

According to the survey results, demand for mortgage loans is expected to recover in the current quarter.

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Lowest figure since 2023

Separate Bank of England data showed that the number of mortgages approved in August for home purchases fell to the lowest level since December 2023.

The Royal Institution of Chartered Surveyors noted that the prospect of a higher Bank of England interest rate had put pressure on the UK property market.