U.K. Mortgage Approvals Drop to Lowest in Four Months on Lower Confidence

http://www.bloomberg.com/news/2011-06-01/u-k-mortgage-approvals-drop-to-lowest-in-four-months-on-lower-confidence.html

“Given the pressure the U.K. consumer is currently under, it is no surprise that housing demand remains exceptionally weak,” said Nida Ali, economic adviser to the Ernst & Young ITEM Club. “Historical trends suggest that mortgage approvals of about 45,000 are consistent with falling house prices.”