Just under 29,000 new mortgages were agreed in July, down 36% on the same month in 2021, according to figures from the mortgage data network HDN.
The number of new mortgages also fell in the preceding months, as mortgage interest rates rose.
The biggest decline was in remortgaging, where the number of new deals fell by 72%. Last year many home owners took advantage of record low interest rates by agreeing a new deal.
House prices increased by 11% in the year to June, suggesting the market is cooling after hitting the 20% mark at the turn of the year.
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