The Bank of England’s latest money and credit report also shows that approvals for house purchases fell to 81,300 in June, however, some way off the 86,900 seen in May.

This is the lowest number of approvals for house purchases witnessed since July 2020, the BoE says, “but remains above pre-February 2020 levels.”

“Evidence suggests there has been a shortening of time between a mortgage being approved and the lending itself,” the bank comments.

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