Decline in mortgage approvals

THE NUMB E R of mortgage approvals granted to home-buyers dropped sharply to a fourmonth low in February,

Figures from the Bank of England show 70,309 approvals last month, against 76,753 in January

Analysts said the decline was likely to be temporary, possibly caused by the wet weather, but may ease fears that the housing market is spiralling out of control.

It was an 8% fall on the previous month, but 46% up on the same month last year.

Loans, including overdrafts, to non-financial businesses decreased by £750 million in February.

However, lending to small and medium-sized businesses increased by £159m.