UK mortgage approvals just fell to an 11-month low

 
Peter Spence
Follow Peter
Analysts had expected to see another drop in mortgage approvals (Source: Getty)

UK mortgage approvals fell to an 11-month low of 61,707 in May, according to the latest data from the Bank of England.

That's considerably down from April's 62,806 approvals. That figure has been downwardly revised from an initial estimate of 62,806 approvals last month.

Mortgage approvals have been trending downwards since hitting a 74-month high of 75,901 in January, a number that followed 11 consecutive months of growth in approvals.

Marshall Gittler, head of Global FX Strategy at IronFX, says that this data has "has become even more important" after the Bank of England's Financial Policy Committee introduced measures to tackle home lending last week.

Analysts had expected to see that mortgage approvals would come in even lower today, with a consensus poll of economists forecasting that May's approval number would drop to 61,600.