House purchase approval numbers of 40,347 were 3.3% lower than May 2016 and slightly down on the monthly average of 41,923 over the previous six months.
Gross mortgage borrowing in May totalled £13.3bn, which the BBA says is "much in line with recent months" and 9% higher than a year before. Net mortgage borrowing in May was 2.4% higher than a year ago.
The annual growth in personal deposits continued on the downward path seen since September last year and at 2.6% is the lowest annual growth rate since December 2011.
ISA cash deposits with the high street banks fell by £0.7bn in May compared with a fall £0.6bn in May 2016 and the annual growth rate declined.
Eric Leenders, BBA Managing Director for Retail Banking, said: “This month’s figures show that in the run up to the General Election, credit growth in personal loans, cards and overdrafts has slowed, which was reflected in lower spending; with increased household costs affecting growth in deposits and saving."
