Related topic: Bank of England

The figures add weight to the expectation that the Bank of England will cut interest rates next week.

Mortgage borrowing fell from £5.2bn in September to £4.3bn in October.

Inflation is beginning to reduce after remaining at 3.8% for the past three months.

Monthly GDP growth has fallen by 0.1%, with quarterly growth of just 0.1%.

Base rate cuts are causing a glaring divide among consumers.

Four members voted to reduce Bank Rate by 0.25 percentage points, to 3.75%.

Brokers also highlighted continued investment in digital innovation as a key driver of future market resilience.

The annual growth rate for net mortgage lending increased to 3.2% in September, the highest since January 2023.

Holding policy too tight for too long comes with costs to output and employment, which could then pull inflation below target, Breeden says.

The average interest rate paid on newly drawn mortgages decreased for the sixth consecutive month, to 4.26%.