Drop in mortgage approvals for house purchasers in May

By Michelle Rock

Mortgage approvals for house purchasers and remortgagors in Northern Ireland and the rest of the UK fell in May, according to new data from the Bank of England.

There were just over 3,000 less mortgage approvals for first time buyers and home movers across in the UK in May compared to the previous month. The UK housing market had been showing signs of increased activity, with some regions performing significantly better than others. Some have considered that the decline in May was a result of uncertainty around the outcome of the general election, and not a lack of willingness to lend on part of the banks.

Samuel Tombs, a senior UK economist at Capital Economics, expects a recovery in the second half of the year, saying the figures in May are likely to just be a "lull".

If you are buying a house or selling or remortgaging an existing home in Northern Ireland, and require a property conveyancing solicitor to handle the legal process for you, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.