Mortgage approvals fall amid caution

Borrowing: Mortgage approval levels dipped by -0.4 per cent between February and March this year. They were also 14.5 per cent lower when compared to the same time last year.

CEO of Octane Capital, Jonathan Samuels, says: “This has been largely due to lenders tightening their belts following a number of consecutive base rate increases.

“We are now starting to see this more cautious approach to lending start to materialise. With a slow decline in buyer activity we expect to see this maintained throughout the remainder of the year.”