BoE mortgage approvals and UK house prices
Indicator: Bank of England mortgage approvals
Updated 1 May 2013
What are they?
The Bank of England's monthly 'mortgage approval for house purchase' figures are another useful forward indicator of UK housing market activity.
What's the latest?
BoE mortgage approvals for house purchase rose from 51,947 in February to 53,504 in March. And that's a long way from the peak of 129,168 approvals back in November 2006. Meanwhile, the April Nationwide UK house price index has risen to 0.9% year-on-year.
BoE mortgage approvals for house purchase lead annual percentage changes in the Nationwide UK ‘all houses’ price index by some four months.
But with the economic outlook still bleak, we could see a further slide in house prices in the months ahead.
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