BoE: Mortgage approvals remain weak in May

| June 29, 2011 | 0 Comments

The Bank of England has today revealed mortgage approvals remained weak in May.

According to the Bank, there were 45,940 loans approved in the month – slightly higher than April’s 45,447 but lower than forecasts of a level of 46,100.

Furthermore, May’s figure was lower than the average for the previous six months.

Today’s figures reinforce expectations that the housing market will remain subdued this year, particularly in light of the Government’s spending cuts and the ongoing lack of mortgage availability.

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