Brexit Hits Housing Market at Six-Month Low In UK Mortgage Approvals
Overview
The Bank of England has said that the number of mortgages approved by British lenders dropped to its lowest level in the six-month period Oct-Mar.
The number of house purchase mortgage approvals fell to 66,837, its lowest level since September of last year and below the average Reuters poll of economists forecast of 67,400.
The increase in mortgage lending was the weakest since November 2015.
The year-on-year pace of borrowing by consumers showed a further slowdown as households rein in their spending.
The Bank of England is expecting growth in 2017 to slow as rising inflation, prompted by the post-Brexit vote and the drop in the value of the pound eats into consumers spending power.
Britons are also saving less now than during any time in the last eight years, which raises the question about how long they can continue to borrow so freely.
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