UK Mortgage approvals fell in April to the lowest level since June 2020 as higher interest rates and the cost of living squeeze cooled people’s desire to buy homes with a mortgage.
Mortgages approved in April slid to 65,974 (from 69,531 in March), the lowest level since the height of the first wave of the coronavirus pandemic, according to Bank of England.
Former Royal Institution of Chartered Surveyors residential chair, Jeremy Leaf, said that “successive monthly increases in the cost of living as well as interest rates” were affecting the confidence of households to take on additional debt.
However, Leaf cautioned that the drop-off in approvals did not necessarily mean that a large price correction in the UK housing market was coming.
“The continuing shortage of houses” meant that “significant changes in prices” were unlikely, he said.
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