A Bank of England survey found lenders reduced mortgage and other secured lending to households in the three months to August, the first cut in three years, while demand fell by the most since early 2023.
British lenders reduced the availability of mortgages and other secured lending to households in the three months to the end of August, the first such cut in three years, a Bank of England survey showed on Thursday, Reuters reported.
Household demand for mortgages also fell, by the most since early 2023, according to the quarterly Credit Conditions Survey. Lenders predicted a recovery in the current quarter.
Reuters said the survey matches separate Bank of England data released last week showing mortgage approvals for house purchase in August at the lowest since December 2023. The Royal Institution of Chartered Surveyors said earlier Thursday that the prospect of higher Bank of England interest rates was weighing on the property market.
The survey records lenders' reported availability and demand. It is not a count of completed sales.
Reuters did not publish the net percentage balances from the questionnaire.