UK mortgage approvals fall to 56,200 in May, the lowest since 2023

Bank of England data published on 29 June showed net mortgage approvals for house purchase fell to 56,200 in May — down from 66,034 in April and the lowest since 2023. The fall reflects the spring jump in fixed rates after swaps climbed, pricing some buyers out. For active buyers that means less competition; for sellers, a thinner pool of approved buyers and more pressure to price realistically. It's one backward-looking month, not a trend.