Mortgage approvals at 19-month low

The number of people taking out mortgages fell to its lowest level for 19 months in August, according to Britain's High Street banks.

A total of 36,997 homeowners had their mortgages approved, the British Bankers' Association (BBA) said.

That is the lowest figure since January 2015, and a 21% drop on August 2015.

The number of people borrowing to buy a house or flat has been falling since April, when there was a rush to buy property ahead of stamp duty changes.

The figures do not include lending by UK building societies, which account for about a third of mortgage borrowing.

However, UK consumers are continuing to borrow more through loans and overdrafts.

The total amount of consumer credit grew by 6.4% in the year to August, the fastest rate of growth for nearly 10 years.

Article published on BBC website - 26th September 2016.