Mortgage approvals at record low

The number of mortgage approvals fell to a record low in April, Bank of England figures show. Some 15,848 mortgage approvals for house purchase were recorded - 80% below February levels before coronavirus lockdown measures were imposed, around half the number of approvals during the 2008 financial crisis, and the lowest since figures started in 1993. Approvals for re-mortgaging also fell in April, the Bank said, to 34,400 – 34% lower than in February. The BoE report said: "Weakness in the housing market associated with COVID-19 was reflected in weak mortgage market activity in April."

City AM (02/06/2020)   Evening Standard (02/06/2020)   Daily Mail (02/06/2020)