British lenders reduced the availability of mortgages and ​other secured lending to ‌households for the first time in three years during the three ​months to the end of ​August, a Bank of England ⁠survey has shown.

Demand ​from households for mortgages also fell, ​according to the BoE’s quarterly Credit Conditions Survey, dropping by the most since ​the early 2023, though ​a recovery was predicted for the current ‌quarter.

The ⁠figures chime with separate BoE data which showed the number of mortgages approved ​for ​house purchase ⁠in August fell to its lowest since ​December 2023.

The Royal ⁠Institution of Chartered Surveyors has said that the prospect of higher Bank ⁠of ​England interest rate was ​weighing on Britain’s property market.