UK House Prices in June Fall for First Time Since 2012, Mortgage Approvals Slump to Record Low Despite Reopening | Wolf Street

Tentative hopes that the UK’s housing market would stage a swift recovery in June, the first full month of market trading since the lockdown began on March 26, were dimmed by the Bank of England’s latest release of mortgage approval data. Approvals of mortgages to purchase a home tumbled to 9,300 in May, their lowest level on record, from an already unprecedented low of 15,851 in April. They were about 60% below the low point during the Financial Crisis and were down 87% from February, the last month of normal economic activity.

UK House Prices in June Fall for First Time Since 2012, Mortgage Approvals Slump to Record Low Despite Reopening | Wolf Street