The sun’s failure to shine on the housing market so far this summer has been confirmed by grim figures from the Bank of England.

It said that mortgage approvals fell to an 18-month low in June, and were below expectation.

Lenders granted 44,192 loans to buy homes, compared with a revised 50,544 in May.

The lowest figure since December 2010, it wrong-footed economists who had predicted that approvals in June would be 48,000.

The Bank of England’s figures tie in with the British Bankers Association, which said that the number of new mortgages approved by the high street banks fell in June, and were also below expectations.

Source – Estate Agent Today