UK mortgage plunge to record low as coronavirus hammers economy

City A.M. | Jun 29, 2020 at 5:04 PM
  • UK mortgage approvals fell further to hit a record low in May as the coronavirus pandemic continued to hit the housing market.
  • The introduction of a nationwide lockdown to control the spread of coronavirus essentially brought the UK housing market to a standstill from late March.
  • UK house prices are set to fall five per cent this year and will not recover until the end of 2022.