New mortgages for houses fell to the lowest amount since January 2015.
According to The Bank of England, new mortgages for house purchases dropped to the lowest level in 3 years. Mortgage numbers stood at 61,039 in December 2017 falling by 6%, with remortgage approvals falling 14% to 46,475. These numbers were released as a report came out showing that some London house sellers have reduced prices by as much as 10% in order to sell.
Housing Market Challenges
Financial pressures due to inflation, Brexit uncertainty and interest rate increases have been attributed to the drop in mortgages, and it is expected that the housing market challenges will continue into 2018.
For more on how the housing market is set to cope with changing financial factors, head to The Guardian website.