Figures released by the Bank Of England show that the number of mortgage approvals in April were the lowest since records began in 1993. 15,848 mortgage approvals for house purchase were recorded, 80% below the figure for February before lockdown measures were introduced, and half the number of approvals taking place during the lowest point of the 2008 financial crisis.

The managing director of mortgage broker Coreco, Andrew Montlake, commented that “unsurprisingly, mortgage approvals went off a cliff” as the lockdown put the economy on hold, but added that “Since the lockdown was eased in mid-May we have seen a sharp increase in inquiries, reflecting the significant pent-up demand in the market.” He added that people have had time to reflect on their requirements during lockdown, and that they have noted a “sharp rise in the number of people looking to move to more rural areas given the perceived risk from further potential surges in COVID-19”.

Samuel Tombs, chief UK economist at Pantheon Macroeconomics, expects mortgage approvals to snap back now that in person property viewings are allowed, although he noted that with mortgage rates only falling marginally, unemployment set to rise and banks intending to restrict the supply of secured credit, they expect mortgage lending to remain at least 10% below its pre-virus peak in the second half of the year.