IndiaUK mortgage approvals for home purchases reached a new low in July 2024, marking the weakest demand in the housing market since January 2024. Lenders approved 56,053 mortgages in July, down from 58,215 in June and below economist forecasts. This decline reflects growing challenges for buyers due to higher borrowing costs, with the effective interest rate on new mortgages reaching 4.45%. House prices showed modest annual growth of 1.6%, but this was below inflation, indicating a decline in real terms. Meanwhile, unsecured consumer borrowing increased, suggesting households still rely on credit for spending despite weakening housing finance demand.
Bias read (Center): The article presents factual economic data without overt ideological framing. It reports on mortgage trends, interest rates, and housing prices without taking a clear partisan stance. While the subject matter relates to financial policy, the tone remains neutral, focusing on objective indicators and
