Rubbish Check
Daily Mail Money · 1 September 2026
source“Housing market remains subdued as mortgage approvals fall to a two and a half year low”
R2/ 10
Lightly altered
Rubbish Rating — 1 = base fact, 10 = pure rubbish
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In short
Rubbish Talk rates Daily Mail Money's claim that mortgage approvals hit a "two and a half year low" a 2/10 because Bank of England data confirm July's 56,053 approvals were indeed the lowest since January 2024, a fact the paper reports without inflating the drama.
The Verdict
Lightly altered. The headline is a near-literal restatement of the Bank of England's own release and even borrows Nationwide's chief economist's word "subdued" rather than reaching for a scarier verb; the only iteration away from the pure base fact is a minor omission (remortgaging approvals actually rose) that would have softened, not sharpened, the gloom.
What actually happened
The Bank of England's Money and Credit release showed mortgage approvals for house purchases decreased by 3.6% to 56,100 in July remaining below the six-month average of 60,800, according to Bank of England figures. Separately, Nationwide reported August house prices rose 0.2%, with its chief economist describing activity and prices as remaining subdued amid Middle East-driven pressure on energy prices and market interest rates, as quoted in the article.
Key facts
- Approvals for house purchase fell to 56,053 in July, the lowest since January 2024, down from 58,215 in June, per the article and corroborated by the House of Commons Library, which notes mortgage approvals for house purchases in July 2026 were down 15% on a year ago and down 4% on June 2026, at 56,053 compared with 65,905 in July 2025.
- July's approvals sat below the six-month average of 60,800, roughly 8% under the recent run rate, not a cliff-edge collapse.
- Remortgaging approvals moved the opposite way: approvals for remortgaging rose, however, increasing from 34,100 in June to 34,500 in July, a detail the headline omits.
- Borrowing costs rose in step: mortgage rates on newly-drawn mortgages rose from 4.35% to 4.45% between June and July.
- Nationwide's August house price index still showed prices climbing 0.2%, not falling, per the article.
What to watch for
Watch whether August's BoE approvals data (due early October) extend the slide or bounce, given rates on new mortgages are still climbing. Also watch whether Nationwide's next release turns the modest 0.2% monthly gain into an annual figure that outlets choose to headline separately, since a single monthly uptick sitting alongside falling approvals is easy to spin either way.
About this scoreThe R-Score is Rubbish Talk's editorial opinion on how far a headline's framing sits from what the underlying facts support. It is a judgement about presentation and emphasis, not an allegation that any outlet has acted dishonestly. Every figure we rely on is linked under Receipts so you can check it yourself.
