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U.K. Mortgage Approvals Fall in February Amid Brexit

Published 03/26/2019, 12:56 PM
Updated 03/26/2019, 01:00 PM
© Bloomberg. A woman speaks on her mobile phone while browsing properties displayed in the window of an estate agent in the Hackney borough of London, U.K.

(Bloomberg) -- U.K. mortgage approvals slipped last month, a sign of the Brexit malaise gripping the housing market.

Lenders approved 39,083 home loans in February, compared with 39,910 in January, according to seasonally adjusted figures from lobby group UK Finance published Tuesday.

The slightly weaker-than-expected figures underscore the impact Brexit uncertainty is having on the housing market, particularly in London where property prices are falling outright amid the worst slump since the financial crisis a decade ago.

The UK Finance report covers seven High Street banks representing around 60 percent of total mortgage lending, data on which are due to be published by the Bank of England on March 29.

(Shows corrected figures from UK Finance. An earlier version said mortgage approvals had dropped to the lowest in almost six years.)

© Bloomberg. A woman speaks on her mobile phone while browsing properties displayed in the window of an estate agent in the Hackney borough of London, U.K.

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