Mortgage approvals fell to 47,372 last month, down from 48,346 in July, according to the Bank of England. This was the fourth consecutive fall and means approvals for new home loans are at their lowest level in six months.

Net consumer credit, which includes credit card borrowing, overdrafts and personal loans, fell by £120 million, the largest drop since November last year.

Simon Rubinsohn, RICS chief economist, said: “Transaction activity in the housing market remains very subdued. Indeed