Fifty-four thousand, nine hundred. That is how many mortgages were approved for house purchase in August 2026, the weakest total since December 2023 and well below the six-month average of 60,100. Falling mortgage approvals as buyers wait and see ahead of the October 2026 Budget is now the defining story of the autumn housing market, and it has direct consequences for anyone with an offer accepted right now.
The numbers arrive days before Wednesday's Autumn Budget (28 October 2026), when Chancellor John Healey is expected to confirm details of the "Your First Home" scheme and other housing measures. Buyers are pausing. Sellers are cutting prices. And lenders are pulling mortgage products faster than at almost any point this year.
This article explains what the data means, why hesitation could backfire, and why booking a RICS survey now, rather than waiting for Budget clarity, may be the smarter move for anyone already under offer.
The Bank of England's Money and Credit data shows net mortgage approvals for house purchase sliding from 55,900 in July to 54,900 in August, missing market expectations of around 56,100. Remortgaging approvals with a different lender also dropped, from 34,600 to roughly 34,000, showing the slowdown is not confined to new purchases. The September figures are due on Thursday 29 October 2026.
Zoopla's executive director of research, Richard Donnell, summed it up plainly: "Zoopla data shows that there are fewer sales right across the country as homebuyers adopt a wait-and-see approach." Encouragingly, he noted that homes which do sell are still moving almost as fast as last year, meaning serious, well-priced offers are not being ignored; fewer are simply being made.
Stacy Eden, national head of real estate at RSM UK, described the picture as "a continuation of a clear and concerning trend in the UK housing market", pointing to a pattern rather than a one-month dip.
| Metric | July 2026 | August 2026 | Trend |
|---|---|---|---|
| Mortgage approvals (house purchase) | 55,900 | 54,900 | Down |
| Remortgage approvals | 34,600 | c. 34,000 | Down |
| Net mortgage borrowing | £4.1bn | £4.4bn | Up |
| Effective rate on new mortgages | 4.45% | 4.60% | Up |
| UK average house price (ONS) | — | £273,000 (+0.9% annual) | Weakest growth since March |
Net mortgage borrowing actually rose to £4.4 billion, still below the £5.2 billion six-month average. That combination, fewer approvals but more borrowing, suggests existing deals are completing while new ones are simply not being agreed.
The Office for National Statistics recorded the average UK house price at £273,000 in August 2026, up just 0.9% annually, the weakest growth since March. London fell 2.2%, with London flats down 5%. Private rents rose 3.8% to £1,406 a month, continuing to squeeze affordability for anyone still renting while they save.
Rightmove's House Price Index (19 October 2026) adds more detail:
This is a buyer's market in almost every sense, except mortgage cost, where rates remain stubbornly high.
Moneyfacts put the average two-year fixed rate at 5.93% in early October, with Bank Rate at 3.75% and a rise widely expected at the Bank of England's decision on Thursday 5 November 2026. According to Moneyfacts data cited by Fox Davidson, mortgage products now last an average of just 13 days before being withdrawn or repriced. That is the real danger of waiting: the product a buyer likes today may not exist next week, Budget or no Budget.
Propertymark's chief executive Nathan Emerson has said Budget changes "could influence the decisions of those considering buying or selling a home", and industry voices hope the new first-time buyer scheme will stimulate demand. That is exactly the problem for buyers sitting on the sidelines: if the scheme works as intended, demand could jump quickly after Wednesday, straining lender processing, valuation booking slots and conveyancing capacity.
Buyers who have already agreed a price and secured a mortgage offer are in a different position from those still hunting. For them, delaying the survey does nothing but add risk:
A slowing market sometimes produces valuations below the agreed price. If this happens:
Every week a buyer delays, they lose some of the leverage this slower market offers. With 34% of listings already cut in price and enquiries down 9%, sellers are more willing to accept conditions attached to a survey: repairs, price adjustments or extended timelines. Ordering the survey now locks in that leverage while it still exists, instead of waiting to see what Wednesday brings. The Survey Merchant can connect you with a RICS-regulated surveyor anywhere in the UK, usually with availability this week.
Higher borrowing costs, an effective rate near 4.60%, and widespread buyer caution ahead of the Autumn Budget combined to push approvals below forecasts and to their lowest level since December 2023.
The Budget itself does not set Bank Rate, but confirmed housing measures could shift buyer demand and lender pricing strategies quickly afterwards. The Bank of England's next rate decision is on 5 November 2026.
If you already have an accepted offer and a mortgage offer in place, waiting adds booking and repricing risk without a clear benefit.
Lenders are repricing roughly every 13 days amid rate volatility and uncertainty, according to Moneyfacts data, making early application and survey booking more important.
Rightmove data shows 34% of homes have had price cuts and agreed sales are down 8%, giving buyers more room to negotiate than in recent years.
The headline figure tells a clear story: demand is cooling, products are vanishing fast, and everyone is watching Wednesday. But for buyers already under offer, hesitation carries its own cost. Booking a RICS survey now protects your place in the process, locks in current leverage, and avoids the bottleneck that could follow if the Budget succeeds in reigniting demand. Act before the queue forms, not after.
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