UK mortgage approvals fell sharply in May to 56,205, below April’s 15-month high of 66,034 and short of economists’ 63,000 forecast, Bank of England data on Monday showed. Approvals had remained elevated since the Ukraine shock as households rushed to lock rates ahead of rising borrowing costs; the data suggest that surge is now fading, signaling fresh spring pressure on the housing market. Consumers added £1.7bn (about $2.2bn) of unsecured credit in May, unchanged from April and slightly below

UK mortgage approvals fell sharply in May to 56,205, below April’s 15-month high of 66,034 and short of economists’ 63,000 forecast, Bank of England data on Monday showed. Approvals had remained elevated since the Ukraine shock as households rushed to lock rates ahead of rising borrowing costs; the data suggest that surge is now fading, signaling fresh spring pressure on the housing market. Consumers added £1.7bn (about $2.2bn) of unsecured credit in May, unchanged from April and slightly below expectations.