Mortgage approvals down for first time in six months

Mortgage approvals dropped in February for the first time since August 2016, Bank of England figures reveal.

The Bank recorded 68,315 house purchase approvals in February 2017, down from 69,114 in January.

The figure is still above the six month average of 66,089.

Overall, there were 125,622 mortgage approvals during the month, which encompasses new purchases, remortgaging and buy-to-let, above the six-month average of 123,406.

While the number of approvals declined, the value of lending rose.

Mortgage lending in February increased by £3.5bn in February, up from a £3.2bn rise in January but below the £3.7bn recorded in December 2016.

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