UK MORTGAGE APPROVALS TOUCH SIX-MONTH LOW BUT CONSUMERS BORROW MORE

British lenders approved the fewest new mortgages in six months in August, figures showed on Friday, in a further sign of the slowdown in the property market as mortgage interest rates rise, but borrowing by consumers gathered some steam.

The number of properties which were re-mortgaged fell to the lowest since July 2012, as existing homeowners sought to avoid locking in current high interest rates. During August, the average interest rate paid on a new mortgage rose by 0.16 percentage points to 4.82%, the highest in records dating back to 2016.

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