UK Bankers Association Says Mortgage Applications Drop

Home sales hit their highest level of the year in May but a banking group says the “heat is coming out of the housing market”.

Some 100,360 homes were sold in the UK during the month, up from 95,600 in April, data from HM Revenue and Customs (HMRC) shows.

Sales tend to pick up at this time of year, known as the spring bounce.

But the British Bankers’ Association said mortgage approvals – an indicator of future sales – had dropped.

The association said that the total of 65,132 approvals was down for the fourth month in a row and was 3.5% lower overall than in the same month of last year.

via BBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.