The number of UK mortgages fell to its lowest level since June 2021, signaling that the housing market could be cooling amid rising inflation and a high cost of living.
- The Bank of England (BoE) reported that there were 65,974 mortgages approved in April, a decline from 69,531 posted the prior month.
- The figures came just below estimates, as economists had projected a small increase to nearly 70,000. The figures accounted for a 5.1% fall compared to March and a 23% fall compared to a year earlier.
- Net borrowing of the mortgage debt by individuals also decreased during the period to £4.1 billion, from £6.4 billion in March.
- Both the net borrowing of mortgage debts and mortgages approved are now below their 12-month pre-pandemic averages up to February 2020.
Individuals borrowed an extra £1.4 billion in consumer credit in April, after a £1.3 billion of borrowing in March.
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Source: Bank of England
