Experts pointed to the impact of concerns about the wider economy on the housing market for the fall.
The number of mortgage approvals made to home buyers fell by nearly 10% between June and July, according to Bank of England figures.
“The worst of the pain may not be over with the markets expecting the Bank of England to raise the base rate again next month. “And the scale of the recent rise in interest rates… means housing market activity seems destined to remain sluggish for the foreseeable future.” Alistair McQueen, head of savings and retirement at Aviva said some money flowing out of accounts in July may have been due to savers shifting their cash around to make the most of improving savings rates.
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