2012.04.2605:43:00UTC+00U.K. Mortgage Approvals Fall In March: BBA

U.K. mortgage approvals for house purchase declined unexpectedly to 31,888 in March from 32,840 in the prior month, data released by the British Bankers' Association (BBA) showed Thursday. Economists were expecting approvals to rise to 34,000.

In February and March, house purchase approvals dropped back to more normal trend levels after some increases earlier in the year as first-time buyers, sought to buy before the stamp duty exemption ended in March.

The total number of mortgage approvals came in at 65,403 in March compared to 65,606 in February.

However, gross mortgage lending of GBP 8.3 billion in March was 6.1 percent higher than in the same period of last year earlier.