UK mortgage approvals slump as Covid-19 hits housing market - business live | Business | The Guardian
Just in: The number of new mortgages approved in the UK has slumped again, as the Covid-19 pandemic continues to grip the economy.
The Bank of England has reported that the number of mortgage approvals for house purchase fell to just 9,300 in May, down from around 15,800 in April.
This is almost 90% below the February level, and around a third of their trough during the financial crisis in 2008.
This is the lowest level since comparable records began (in 1997), the Bank adds. Economists had expected an increase, to around 25,000 new mortgage approvals.
The Bank of England has reported that the number of mortgage approvals for house purchase fell to just 9,300 in May, down from around 15,800 in April.
This is almost 90% below the February level, and around a third of their trough during the financial crisis in 2008.
This is the lowest level since comparable records began (in 1997), the Bank adds. Economists had expected an increase, to around 25,000 new mortgage approvals.
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