Details from the April 2016 UK mortgage approvals and BOE consumer credit report 1 June 2016

  • Prior 71,357. Revised to 70,305k

  • Mortgage lending 0.281bnbn vs 3.800bn exp. Prior 7.435bn. Revised to 7.411bn

  • BOE consumer credit 1.287 bn vs 1.600bn exp. Prior 1.883bn. Revised to 1.822bn

  • Credit card lending 333m vs 622m prior

  • Lending to non-financials -96m vs -2.694bn prior

  • SME lending -45m vs -178m prior

  • M4 money supply -0.1% vs -0.4% prior m/m

  • 1.0% vs 1.6% prior y/y

  • M4 ex-IOFCs 4.1% vs 6.5% prior 3m ann. Revised to 6.4%

It's not a surprise to see mortgages dip a big chunk as previously everyone was front running the new tax rules that came into play. That's also shown up in the mortgage lending numbers. We'll get a better idea of the real trend next month.

Lending was down again to SME's. No doubt Brexit fears have been playing a part.