The number of mortgages approved in March dropped to 113,000, from 122,000 in February, taking this to the lowest since April last year. The Times. Financial Times

The drop is a tentative sign that the Bank of England’s three past interest rate increases may be taking some of the heat out of the housing market.

The Bank of England said the number of loans agreed for house purchases fell from a revised 118,000 in February to 113,000, slightly lower than analysts’ forecasts and a decline signalled in data earlier this week from the British Bankers’ Association