UK Mortgage Approvals At Four-Month Low

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The number of mortgages approved for house purchases fell to 41,061 from 42,247 in March. Economists had forecast 40,000.

The figure was the lowest since November, when approvals were 40,667.

Gross mortgage borrowing totaled GBP 13.2 billion in March, largely in line with recent months. Net borrowing grew 2.2% from a year ago. Consumer credit rose 6.1% year-on-year versus 6.5% in February.

“In March, annual growth in consumer borrowing from the main high street banks slowed, perhaps mirroring the dip seen in retail sales volumes as price rises appear to have started biting into consumers’ spending,” Eric Leenders, BBA managing director for retail banking said.

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Written by: Houseladder