Housing Market on Hold as Cautious Buyers Stay Away After Brexit Vote

Mortgage approvals fell in the immediate aftermath of the referendum

by Tim Wallace

Mortgage applications dropped to their lowest level in 18 months following the Brexit referendum, indicating that the housing market is slowing down.

A total of 37,662 home purchase loans were approved in July, according to the British Bankers’ Association, down 5.3pc from 39,763 in June.

It is 18.6pc lower than the level seen in July 2015.

Remortgaging levels also dipped slightly month-on-month but are up over the year as homeowners continue to take advantage of low interest rates by taking out new loans.

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