UK mortgage approvals slump as Covid-19 hits housing market - as it happened
Rolling coverage of the latest economic and financial newsLatest: Just 9,300 UK mortgages approved in MayMortgages approvals down 90% (!) since FebruaryEconomists: Lenders and borrowers both nervousEarlier:World stock markets have hit a two-week...
Rolling coverage of the latest economic and financial news
- Latest: Just 9,300 UK mortgages approved in May
- Mortgages approvals down 90% (!) since February
- Economists: Lenders and borrowers both nervous
- World stock markets have hit a two-week low
- Coronavirus – latest updates
- See all our coronavirus coverage
Time for a recap:
Britain’s housing market remains gripped by the Covid-19 pandemic. New mortgage approvals fell to their lowest since at least 199, with just 9,300 new loans approved in May.
The global number of COVID-19 cases now tops 10 million, and 500’000 deaths, with a quarter of both being recorded in the US. The failure of the US to stop the numbers rising on the national level is weighing on stock markets.
Some US States are now reconsidering their re-opening plans. For a more lasting risk-on sentiment in markets, it is probably necessary that the US manages to ascertain some success in limiting the spread of the virus within its borders.
Those better-than-expected US home sales appear to be lifting the markets.
The Dow Jones industrial average is now up 331 points, or 1.3%, at 25,347 - as economic optimism trumps Covid-19 anxiety.Continue reading...