UK Lenders Approve Fewest Mortgages In Nearly Two Years

British lenders approved the fewest mortgages in nearly two years last month as the housing market continued to slow after the Brexit vote, raising the chance of an outright fall in prices next year. House purchases have been falling since the start of the year, buffeted by higher taxation on investment properties as well as the EU vote. However, other figures suggest that for now consumers are continuing to spend and to borrow heavily, placing the Bank of England in a quandary as it considers whether it will need to cut rates for a second time this year. The number of mortgage approvals last month dropped to its lowest since November 2014 at 60,058. Read more on the Reuters website.