Tentative signs of a recovery in the housing market suffered a setback as mortgage approvals for home purchases fell last month for the first time since November.

Mortgage approvals in March fell by 7% to 26,097 from 28,024 the previous month, after rising from a record low of 17,895 in November, the British Bankers’ Association reported.

Approvals are now 25% lower than a year ago and 67% lower than the peak in November 2006, as the mortgage lending market has been hit by the financial crisis and declining demand for homes.

Financial Times, The Times