Mortgage approvals in the UK fell to a year low in June

Helen Cahill
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Repossessions Continue To Increase Due To Economic Downturn
Brexit worries have been weighing on the housing market (Source: Getty)

Mortgage approvals in the UK fell to their lowest point since May 2015 in the period leading up to the country's referendum on EU membership.

According to the Bank of England, 64,766 mortgages were approved in June - down from the 66,722 approved in May.

Read more: Everything you need to know about the UK's housing market after the Brexit vote

The figures come as GfK said consumer confidence dropped to -12 in July, with Brexit worries weighing on consumers.

Net mortgage lending - which trails behind approvals - rose to £3.348bn. In March, net mortgage lending was £7.275bn.

In further signs of the pressures on the housing market after the Brexit vote, Foxtons announced a seven per cent fall in sale this morning. Transaction volumes at the London-focussed estate agent were down 10.2 per cent and profits plunged by 42 per cent.

Read more: Foxtons cancels its special divi as profits plummet on Brexit worries

Jeremy Duncombe, director of Legal & General's mortgage club, said: "Though there has been some concern about the impact of uncertainty following the vote, demand for property is still there and the fundamentals of the market continue to be positive in the face of Brexit.

"The remortgaging market has remained strong over this period, with lenders continuing to offer competitive deals."

If you're looking to sell your home, or buy one, here's everything you need to know about the housing market after the Brexit vote.

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