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UK mortgage approvals were fractionally lower in March, figures from the Bank of England showed on Wednesday.
Approvals for house purchases, an indicator of future borrowing, were little changed at 70,700 in March, from 71,000 in February, according to the BoE. The print was in line with the market forecast, cited by FXStreet, of 70,775.
Paul Dales of Capital Economics said the March figure ‘suggests that higher interest rates have yet to take much steam out of the housing market’ but thinks the ‘market will slow before long’.
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