This took net lending to a figure above the previous six month average. However the twelve-month growth rate was unchanged at 10.0 per cent and the three-month annualised growth rate rose by 0.1 percentage points to 9.6 per cent
The number of loans approved for house purchase (102,000) was lower than in August but those for remortgaging (101,000) and other purposes (67,000) were higher than in August.
Simon Rubinsohn, RICS chief economist, commented: "This provides further evidence that the housing market is cooling in response to five interest rate increases and the more recent squeeze on credit.
"Although today’s figure represents a fall in activity of 11 per cent since July, mortgage approvals are still above the long run average thanks to the combination of a resilient economy and generally healthy employment climate.
"That said, we expect further weakness in activity in the coming months."
