UK lenders approve fewest mortgages since 2023 as borrowing cost rises
October 30, 2026
Marsares Editorial Team
In September 2023, British mortgage approvals plunged to a record low, falling to 53,443 from 54,814 the previous month, driven by escalating borrowing costs. This dip surpassed economists' predictions. Conversely, unsecured lending surged at the fastest pace since 2018, reflecting changing consumer preferences. As mortgage repayments are anticipated to rise steeply over the next five years, affordability worries are mounting, echoed by recent retail sales declines and shifting consumer sentimen
Source: ET Realty