Experts say a sustained upturn in the UK housing market is unlikely after mortgage approvals fell back in September.
Figures just released from UK Finance show September’s approvals dropped to 41,584 from August’s six-month high of 41,762. June saw a nine-month low of 40,412 approvals.
Buyer enquiries fell for the sixth month running, while agreed sales also fell. Both were at the weakest level since July 2016.
Howard Archer (pictured), chief economic advisor to the EY ITEM Club, said the outlook for house prices in the fourth quarter of 2017 was “subdued”, rising to a modest 2-3% in 2018.
“While housing market activity has firmed modestly from the lows seen around June, September’s slight easing back in mortgage approvals reinforces our belief that there is unlikely to be a sustained, significant upturn in housing market activity any time soon,” he said.