Mortgage approvals down to seven-month low in April

Updated: 

The number of mortgage approvals being made to home buyers fell back to a seven-month low in April, Bank of England figures show.

Some 64,645 loans for house purchase got the go-ahead in April, marking the lowest monthly figure since September 2016.

The National Association of Estate Agents reported this week that the housing market showed signs of a slowdown in April, with buyers and sellers taking a "wait-and-see" approach ahead of the General Election on June 8.

The Bank of England's figures also show the number of re-mortgage loans being approved fell back in April, with 40,575 approvals recorded, marking the lowest monthly total for re-mortgaging since August 2016.

Looking at non-mortgage borrowing, the bank's figures show annual growth in consumer credit - which includes borrowing using credit cards, personal loans and overdrafts - was at 10.3% in April, up from a 10.2% annual increase recorded in March but lower than a 10.5% rise in February.