The Bank of England said that successful mortgage approvals have dropped below the six-month average, according to new data.

The previous six-month mortgage approval average was 53,000 leading up to April 2012 but the figures only amounted to 51,823 successful mortgage applications being recorded, despite lending approvals being up by 1.5% from March to April of this year.

The stamp duty exemption that ended on March 24th 2012 is thought to have boosted the UK residential property sales market with many First-Time Buyers (FTBs) keen to snap up residential property and reap the benefits before the deadline date.

Figures also showed that more people remortgaged their homes in April 2012 with over 30,000 successful applications going through, which is above the recent average.

However, the UK property sales market is now expected to slow again, as banks become more reluctant to approve residential property mortgages and many have increased the criteria required for a successful mortgage application.

This has been put down to the difficult position the banks find themselves in amidst the current Eurozone crisis, the unstable UK and global economy and further regulations for the banks when it comes to lending.

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