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The property market appears to be stuttering after a sharp fall in the number of homebuyer mortgages.
Mortgage approvals for house purchases dived 14.9 per cent to 56,205 in May, compared to the month before, according to Bank of England data released today.
Meanwhile, in less volatile annual figures, mortgage approvals for home buyers were down 10.8 per cent on a year earlier.
It marks the weakest reading in five months and sits 8 per cent below the five-year average run-rate of 61,094
Anthony Codling of RBC Capital Markets says the lack of sales activity will worry housebuilders, many of whom are already having to cut back on new projects and land buying.
Confidence in the property market has been dented by a spike in mortgage rates triggered by inflation expectations off the back of the conflict with Iran and yet more political turbulence in the UK.
Summer lull: Mortgage approvals for house purchases decreased to 56,200 in May, below an average of 63,300 over the previous six months
'The sharp monthly decline is likely to negatively impact the UK housebuilders who had been enjoying a steady improvement through the first quarter of the year,' says Codling.
'April's print of 66,034 was the strongest since late 2024, making May's fall all the more jarring.
'Year-to-date the picture remains broadly supportive: the January-to-May average of 61,972 is holding up, but momentum has stalled.'
The drop in mortgage approvals reflects what is being experienced by many estate agents and brokers on the ground.
'Mortgage approvals are arguably the most important of all the housing market data, as they are forward, rather than backward facing, so are a reliable indicator of future activity,' says Jeremy Leaf, north London estate agent and a former Rics residential chairman.
'On the ground, we are finding it is not just the numbers which are down, but the time genuine buyers are taking before playing their mortgage offer card.
'Concerns remain about the direction of travel for mortgage rates and the cost of living which is delaying decision making as the war in Iran drags on. Looking forward, we expect more of the same at best particularly now that political uncertainty is adding to this caution.'
Gareth Lewis, deputy chief executive of specialist lender MT Finance concurs, blaming higher mortgage rates for the loss of buying appetite.
'These numbers are a sign of what is happening at this moment in time,' he says.
'We are now seeing the ramifications of the interest rate environment becoming unstable again and the impact this is having on transactions.
'Volatile funding rates are the real issue at the moment; while everything pointed towards a lower interest rate environment this year, the impact of war in the Middle East has since changed this outlook.'