UK mortgage approvals declined unexpectedly to a record low in May as coronavirus pandemic weighed on housing market activity, data published by the Bank of England showed Monday.
The number of mortgage approvals for house purchase fell to a new series low of 9,273 in May. This was almost 90 percent below the February level and around a third of their trough during the financial crisis in 2008.
Economists had forecast approvals to rise to 25,000 from 15,851 in April.
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June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.