According to CoinMeta, the rise in borrowing costs caused by the war in Iran has deterred potential homebuyers, leading to an unexpected decline in demand for housing loans in the UK in August. Data released by the Bank of England on Tuesday showed that the number of mortgage approvals fell for the second consecutive month, dropping from 55,928 in July (after a reduction) to 54,918, the lowest level since December 2023. Economists had previously expected this figure to remain unchanged. The report indicates that the impact of borrowing costs is becoming increasingly evident, with major mortgage rates approaching 6% as the conflict in the Middle East continues. In addition, markets expect UK Chancellor of the Exchequer Rishi Sunak to raise property taxes in his first budget to stabilize public finances, which further exacerbates pressure on the real estate market.