According to data from the Bank of England, mortgage approvals fell to a two-year low in September, but unsecured lending rose by its biggest amount since the start of last year. The Bank said that the number of loan approvals for house purchases fell to 102,000 last month, from a downwardly revised 108,000 in August. That was exactly as forecast but was the lowest since July 2005. The data tallies with a growing body of evidence that the housing market is starting to slow in response to higher borrowing costs and tighter lending conditions. “We think there will be plenty more downside in the coming months which will lead to a sharp fall in house price inflation further down the road,” said Alan Clarke, economist at BNP Paribas.
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