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.
