UK mortgage approvals lowest since December 2023; diesel hits new record high near £2 a litre – business live

Rolling coverage of the latest economic and financial newsNewsflash: the number of mortgages approved by UK lenders has fallen to its lowest level since the end of 2023.Just 54,918 new home loans were approved in August on a seasonally-adjusted basis, new Bank of England data shows, as rising borrowing costs deterred potential home buyers.The average 2-year fixed residential mortgage rate today is 5.93%. This is up from 5.91% the previous working day.The average 5-year fixed residential mortgage rate today is 5.94%. This is up from 5.93% the previous working day. Continue reading...