U.K. Mortgages Dip to Six Year Low

U.K. BBA August mortgage lending was just GBP 2.1B, compared to 4.8B in July (revised up from 4.3B). Meanwhile, new mortgage approvals hit another series low of 21.1k, compared to 22.2k in July. The weak data highlights the dire state of the British housing market and the latest financial market turmoil is likely to drive up mortgage rates higher, adding further downward pressure to house prices.