New figures from the Bank of England show that they dropped to their lowest level since the middle of the pandemic.
Approvals for mortgages are expected to be depressed "for some time to come", Daniel Mahoney, UK economist at Handelsbanken, added.
Thomas Pugh, an economist at auditing firm RSM, also predicted a 10% drop in house prices as mortgage approvals continue to fall. This is likely to increase further, Mr Pugh said, "leading to a further slump in new mortgage approvals"."This suggests that very weak consumer confidence is still prompting households to spend less and save more in anticipation of tough economic times ahead," he said.
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