Mortgage approvals fell to a seven-month low in April adding to signs of housing market

 
Shruti Tripathi Chopra
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House Prices Are Stagnant In London
A total of 64,645 mortgages were approved last month compared to 66,043 in March (Source: Getty)

The number of mortgages approved in the UK fell to a seven-month low in April, according to the latest data released by the Bank of England (BoE).

A total of 64,645 mortgages were approved last month compared to 66,043 in March, adding to signs that the housing market is slowing.

Meanwhile, consumer credit in April rose by £1.52bn down from an increase of £1.61bn in March.

The BoE said net mortgage lending, which lags approvals, increased by £2.73bn in April, the shortest rise in a year. A Reuters poll of economists expected an increase of £2.95bn.

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Martin Beck, senior economic advisor to the EY ITEM Club, said: “Recent data on house price inflation and survey evidence on housing transactions have pointed to a distinct lack of energy in the market. And the latest official numbers on mortgage lending and mortgage approvals in April continued this theme.

"The former ran at the weakest since April 2016, when the numbers were distorted by forestalling ahead of last year’s rise in stamp duty. Meanwhile, mortgage approvals fell for the third consecutive month. The 64,645 mortgages approved in April was the smallest since last September," Beck added.

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