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UK Mortgage Approvals Decline Sharply In April

UK mortgage approvals declined sharply in April amid coronavirus pandemic, data from the Bank of England showed on Tuesday.

The number of mortgage approvals plunged to 15,848 in April from 56,136 in March. Approvals were forecast to fall to 23,780.

Overall lending to individuals declined GBP 6.9 billion versus GBP 1 billion rise in March. Within this, secured lending increased GBP 0.3 billion after rising GBP 4.8 billion a month ago.

Consumer credit declined GBP 7.4 billion versus a fall of GBP 3.8 billion in the previous month, data showed.

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