Figures from the British Bankers’ Association (BBA) have revealed that the number of mortgage approvals fell last month by almost a quarter compared with a year ago. Approvals rose to 67,702 in May from 67,290 in April, but were down 24% from 89,289 in May last year. In terms of value, mortgage lending was down 17% compared with last year. Director of statistics at the BBA David Dooks said: “While mortgage lending was slightly stronger in May, it is noticeable that all measures were below comparable data a year earlier, when May was a relatively weak month.” Although this points to an extended slowdown Howard Archer, chief UK economist at Global Insight said: “We maintain out belief that the housing market is more likely to see an extended period of relatively slow subdued activity and soft prices rather than undergo a sharp correction.”