UK Mortgage Approvals Fall to 56,205 in May as Rate-Lock Rush Fades
Updated
Updated · Bloomberg · Jun 29
UK Mortgage Approvals Fall to 56,205 in May as Rate-Lock Rush Fades
3 articles · Updated · Bloomberg · Jun 29
Summary
56,205 UK home loans were approved in May, down from 66,034 in April and marking the lowest level in more than two years.
The drop was steeper than expected—economists had forecast about 63,000—and reflected the fading scramble by borrowers to secure mortgages before anticipated rate increases.
Bank of England data showed banks and building societies had pushed approvals to a 15-month high in April before demand cooled in May.
The figures point to a softer housing-finance backdrop as higher borrowing costs and rate expectations weigh on home-purchase activity.