Mortgage approvals drop to lowest level since October
Mortgage approvals down a touch, according to the Bank of England's latest release.
Their number has fallen from 76,753 to 70,309. Economists had predicted that we'd see a drop to just 75,250. Last month's figure also reveals some weakness, as the latest estimate sees it revised down from 76,947 to 70,309.
Steve Collins, global head of dealing at London & Capital Asset Management, says that the decline in mortgage approvals is inline with last week's BBA mortgage numbers.
Total mortgage lending is higher however, as IG's analysts say the "housing market heats up", rising from £1.42bn to £1.71bn.