"While these figures are disappointing they come as no surprise, considering the economic and political pressures the market has been facing."
The figures also shoe that purchase approvals by the main high street banks in October 2019 were 3.0% higher and remortgage approvals were 12.7% higher.
Vikki Jefferies, proposition director at Primis, commented: "Advisers have played a big part in helping consumers lock in to great deals while they’re still available and remortgage numbers have seen a boost as a result.
“However, whilst current homeowners may be able to achieve certainty around their monthly repayments, prospective homeowners still may be wondering what the future holds for them. In particular, new borrowers who miss out on opening a Help to Buy ISA before Saturday’s deadline will need to find other means of boosting their deposit funds."
John Goodall, CEO and co-founder of Landbay, said: “While these figures are disappointing they come as no surprise, considering the economic and political pressures the market has been facing. The reality is that lenders are (and have been) ready and willing to lend, instead it’s would-be buyers who need that final nudge to make their move.
"Looking forward, with the election looming, we may finally see the cloud of uncertainty begin to lift – assuming there is a clear parliamentary majority. If this does happen, we could see a spike in demand as those who were holding off in recent years consider making their move in 2020. With their genuine appetite to lend, lenders will be gearing up to facilitate any increase in demand."