Overall, mortgage sales fell by 15.7% (£2.5bn) on June, with year-on-year sales down by 16.6%.
The average value for buy-to-let mortgages also fell year-on-year, falling from £160,203 to £157,195.
Residential mortgage sales fell by 15.8% (£2.1bn) on a monthly basis and 9.7% (£1.2bn) annually.
Every regional area apart from the North West (-7.6%) showed a double-digit decline, with Northern Ireland (-28.7%) and Scotland (-21.5%) showing the sharpest falls. London dropped by -13.5%.
Iain Hill, Relationship Manager, at Equifax Touchstone, said: “Following Brexit, the UK housing market has been on tenterhooks, waiting to see how hard property buyers’ confidence has been hit. It’s important to remember that the summer period traditionally brings a dip in mortgage sale volumes during July and August, so it will be many months before the full effect of Brexit is uncovered.
“We’re confident that the market will bounce-back longer-term, with negativity likely to be offset by the recent interest rate cut, leading to lower and more competitive rates from lenders.”
