Number of mortgages approved fell in March

Christina Hoghton
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Christina Hoghton

Mortgage approvals were down by volume but up in terms of value

The number of mortgages approved by lenders dipped in March, following a drop the previous month, but the overall value of lending rose marginally, said the Bank of England.

It noted that approvals of loans secured on dwellings for house purchase and remortgaging both fell slightly for the second month, to 66,837 and 42,814 respectively, in March.

The number of mortgage approvals hit a six-month low, said the Bank.

The value of lending secured on dwellings rose by £3.1bn in March, similar to the recent six month average. However, it had been forecasst to rise by more than this.

Borrowers are showing signs of feeling the financial pinch in the wake of the Brexit vote, with consumer borrowing also down.

The Bank of England noted a slowdown in the pace of consumer credit borrowing, which grew by 10.2%, its weakest increase in 10 months.