Mortgage approvals and completed sales both dipped in August

What happened

Three sets of figures point the same way:

• Mortgage approvals for house purchase were 54,918 in August, according to the Bank of England: about 2% fewer than in July and around 16% fewer than a year earlier.
• Completed residential sales across the UK were an estimated 95,220 in August (seasonally adjusted), according to HMRC: 2% lower than August 2025 and 1% lower than July.
• Sold prices in England were broadly flat: the median home sold for £299,245 in the 12 months to June, 0.9% below the previous year, on our analysis of HM Land Registry data.

Approvals are an early signal. A mortgage approved today usually becomes a completed sale a couple of months later, so fewer approvals in August suggests fewer completions this autumn.

What it means if you are buying

• Less competition, more room to negotiate. With fewer buyers able to proceed, sellers are more likely to consider offers they might have turned down in a busier market.
• Valuers are cautious too. A quieter market means fewer recent comparable sales and more caution from lenders’ valuers, so a fair price matters as much as a low one.

What it means if you are selling

• Fewer buyers, so pricing carries more weight. In a slower market, homes priced in line with recent sales tend to sell; homes priced on hope tend to sit.
• Look after the buyer you have. A committed, proceedable buyer is worth more when fewer are coming through the door. That changes how you might respond to a request after a survey.

You can see sold prices and how the market has moved in your area on our house-price pages.

Jon’s view

Market figures describe millions of decisions; yours is one. A slower market is not a bad time to move for everyone. It rewards the people who price and negotiate on evidence, and it is hardest on those still working from last year’s expectations.