UK mortgage approvals slump to new record low: BoE

[LONDON] British mortgage approvals slumped to the lowest on record in May, data from the Bank of England showed on Monday, showing the scale of the hit to the housing market from the coronavirus lockdown.

The number of mortgage approvals fell to 9,273 - the lowest since comparable records began in October 1997 - down from 15,851 in April which was already sharply lower than in previous months.

Economists polled by Reuters had expected approvals to rise to 25,000 in May.

REUTERS