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U.K. Mortgage Approvals Fall to Lowest in 10 Months, BBA Says

U.K. mortgage approvals fell in March to the lowest in 10 months after an increase earlier in the year before the end of a tax holiday on some home purchases, the British Bankers’ Association said.

Lenders granted 31,888 loans to buy homes, down from a revised 32,840 in February, the London-based lobby group said in an e-mailed report today. The average over the previous six months was 34,920.

The BBA said mortgage approvals have “dropped back to more normal trend levels after some increases earlier in the year as first-time buyers sought to buy before the stamp duty exemption ended in March.”

Gross mortgage lending was 8.3 billion pounds ($13.4 billion) in March, 6.1 percent higher than the same month a year earlier. Capital repayment by households “remains at a high level,” it said.

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