Mortgage approvals fell to their lowest level for any September for seven years. The Times, Daily Telegraph

Mortgage approvals fell 27% in the year to September, the British Bankers’ Association said, to 52,685, the smallest number of approvals for that month since 2000. Approvals are the key measure of activity in the property market and a decline is seen as an early indicator of a slowdown in house prices.

Fionnuala Earley, chief economist at Nationwide, said: “We had been expecting the number of mortgage approvals to come down as potential buyers grapple with the problems of affordability, nervousness and the future direction of house prices.” Nationwide expects annual property inflation to slow to zero next year.