October 23, 2014 / 8:41 AM / 5 years ago

September mortgage approvals fall to lowest level since July 2013 - BBA

A worker walks past a picture of the London skyline outside the sales office of a property development in central London July 2, 2014. REUTERS/Luke MacGregor

LONDON(Reuters) - Mortgage approvals in Britain fell in September to their lowest level since July last year, standing 9.9 percent lower than a year ago, industry data showed on Thursday.

The British Bankers’ Association said its members approved 39,271 loans for house purchases in September, down from 41,361 in August.

The amount of net new mortgage lending in September rose 881 million pounds - the weakest increase since January.

Britain’s Financial Conduct Authority required lenders to introduce tighter affordability checks on mortgages in late April, and the Bank of England imposed further restrictions on how much most Britons can borrow in June.

“A year ago there were many of us who were concerned by the heady pace of property price rises. Today’s figures suggest we are now experiencing a steadier housing market and that’s no bad thing,” said Richard Woolhouse, chief economist at the BBA.

“There’s also some encouraging growth in business lending amongst manufacturers and retailers which is pleasing to see.”

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