Confidence dips in house market

The Brexit vote has fuelled a housing market slowdown.

New figures show that mortgage lending last month suffered the first fall for more than a year.

According to the Council of Mortgage Lenders, £21.4billion worth of home loans were approved last month, a 0.9% year-on-year dip.

CML chief economist Bob Pannell said: “The subdued nature of property transactions and mortgage lending in July are consistent with a less positive backdrop for housepurchase activity post-referendum.”

Economist Howard Archer, of IHS Markit, predicted the slowdown would lead to a 5% drop in house prices next year.