The volume of mortgage approvals fell for the fourth consecutive month in October, according to the latest figures from the Bank of England (BoE).

Since July 2014 total approvals have fallen from 109,613 to 105,957 in August before declining again to 101,143 in September and finally to 99,707 in October. The figures also show that approvals have fallen year-on-year since. October’s 99,707 approvals were down 14% from 116,502 a year earlier. In value terms, October approvals totalled £15.3bn, down 7% from £16.4bn 12 months previously.

Re-mortgage approvals also fell, down 11% year-on-year from 35,198 in October 2013 to 31,238 in October 2014. In value terms, October’s re-mortgage approvals totalled £5bn, down 6% from £5.3bn 12 months previously.

Capital Economics property economist Matthew Pointon says: “Mortgage lending and housing demand have now been contracting since July, with new regulations, a housing shortage and fears over a future interest rate rise all weighing on housing market activity.”

However, Pointon believes lending volumes could be set to rise as “mortgage interest rates have started to fall…coupled with rising employment and the imminent return of real earnings growth, consumers are the most confident in making a major purchase since mid-2007.”