UK mortgage approvals fall by most since December 2023, Bank of England data shows

UK Mortgage Approvals Drop as Rush to Lock in Rates Fades

(Bloomberg) — UK mortgage approvals dropped to the lowest in over two years in May, as a scramble to lock in loans in anticipation of interest-rate hikes fizzled out.

UK mortgage approvals fall by most since December 2023, Bank of England data shows

British lenders approved the fewest mortgages since December 2023 in May ​and consumer lending grew less than expected, according to Bank ‌of England data that laid bare the impact of higher borrowing costs caused by the U.S.-Israeli war on Iran.

Mortgage approvals hit lowest level since late-2023

Net borrowing also fell sharply in May, indicating mounting affordability pressure on prospective buyers

UK Mortgage Approvals Fell To Their Lowest Since December 2023

Bank of England data showed May approvals missed forecasts and consumer credit growth slowed as higher borrowing costs and weaker confidence weighed.

Mortgage borrowing falls to one-year low as approvals slow in May, Bank of England

Net mortgage borrowing fell to its lowest level for a year in May as mortgage approvals for house purchases and remortgaging both declined, according to the latest Bank of England figures.

UK Mortgage Approvals Fall Short Of Forecasts In May, Signaling Housing Market Caution

BitcoinWorld UK Mortgage Approvals Fall Short of Forecasts in May, Signaling Housing Market Caution The latest data from the Bank of England reveals that mortgage approvals in the United Kingdom registered at 56,210 in May, falling significantly below the market consensus of 63,000. This shortfall has raised fresh questions about the trajectory of the housing market amid persistent interest rate pressures and cautious consumer sentiment. What t…