At 09:30 this morning, the Bank of England said mortgage approvals for house purchase in April fell to 15,800, down 80% compared to February and about half the number seen at the depths of the financial crisis.
Simon Gammon, Managing Partner, Knight Frank Finance, said: “Mortgage lending fell off a cliff at the onset of the pandemic as surveyors were unable to conduct physical inspections.
“Thankfully, surveyors are now able to return to work safely and are working their way through a backlog of applications built up over the course of the lockdown. We expect to see the time it takes for borrowers to get an approval decline steadily in the weeks ahead.
“It’s worth remembering, mortgage markets had been at their most active in five years in February as the Boris bounce took hold.
“We expect a post-lockdown surge in approvals as the backlog is cleared, and those that had wished to move home or remortgage become able to do so.”