New figures from the Bank of England have shown that the number of mortgage approvals in June fell to the lowest level since January, as buyers delayed applications in anticipation of a drop in borrowing costs.
Mortgage approvals in June were 59,976, down from 60,134 the previous month and below general expectations according to the Bank of England.
The Bank of England will decide this Thursday whether or not to reduce interest rates from the 16 year high of 5.25%. Whilst the decision is seemingly a close call at present, many high street lenders have already started to offer reduced rates in anticipation of the proposed reduction. At the head of the queue of lenders, The Nationwide have launched a new mortgage product offering a rate below 4 per cent, as they look to capitalise on the increasing demand for lower rate mortgage products.