Mortgage approvals up 11.7% on a yearly basis in April

British mortgage approvals fell for a third straight month to its lowest level in seven months during April, figures the Bank of England showed Wednesday.

New figures show that the number mortgage drawdowns in April were 11.7% higher than the same month a year ago.

Samuel Tombs, chief United Kingdom economist at Pantheon Macroeconomics, said: "The housing market also has continued to slow, with mortgage approvals for new house purchases falling to their lowest level since September".

Britain's housing market has slowed markedly - especially in London - since last June's vote to leave the European Union, although to date there have not been widespread falls in house prices that some commentators had predicted.

Irish mortgage approvals grew at a solid, albeit more moderate rate in April, according to data published this morning by the Banking and Payments Federation of Ireland (BPFI).

The data could signal further weakness in Britain's economy, which already slowed sharply in the first quarter, as rising inflation and meager wage growth prompted consumers to cut back spending.

Meanwhile, annual growth of consumer credit - which includes credit cards, personal loans and overdrafts - was at 10.3% in April, up from the 10.2% recorded in March, but lower than February's 10.5% rise.

Aggregate M4 money supply grew 8.2 percent annually versus 6.6 percent in March. Net purchases totalled 1.947 billion pounds in April, the highest amount since November 2016, and up from purchases of 218 million the previous month.

  • Zachary Reyes