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Investing.com -- The Bank of England released data on Monday showing a larger than anticipated drop in the number of mortgages approved by British lenders for house purchase.
The data revealed that approvals fell to 60,463 in April, down from a revised figure of 63,603 in March, as the market adapts to increased purchase taxes.
Furthermore, the bank’s data demonstrated a significant monthly drop in net mortgage lending.
In April, net mortgage lending fell by £759 million ($1.03 billion), following a rise of £12.957 billion in March.
Prior to the release of this data, economists surveyed had predicted there would be 63,000 mortgage approvals in April and a decrease in net lending by £500 million.
The actual figures surpassed these estimates, indicating a more considerable contraction in the housing market than initially anticipated.
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