Fall in mortgages shows housing market still weak
Mortgage approvals plunged to an 18-month low last month, Bank of England figures showed, underlining weak housing market conditions.
The number of approvals for house purchase in June were 44,192, down from a 25-month high of 50,544 in May and falling 10% year-on-year, the Bank said.
The figures also revealed repayments on secured loans were ahead of new lending for the first time since June last year.
Howard Archer, chief UK and European economist at IHS Global Insight, said the figures showed that "underlying housing market activity is limited".