Mortgage approvals slump to lowest level since 2023 as buyers sit on sidelines

Mortgage approvals have fallen to their lowest point since the year 2023, recently reflecting a pronounced contraction in new lending activity across the residential property market. Simultaneously, many prospective homebuyers appear to be holding back, opting to remain on the sidelines rather than pursue purchases amid the prevailing market uncertainty and tighter credit conditions, as financial institutions tighten criteria.