The United Kingdom mortgage approvals fell to near 1-month low in April as Britons struggle to overcome uncertainties over Brexit, implying that the British housing market is losing steam gradually.

Mortgage lending volumes showed a significant slowdown, rising just GBP1.6 billion pounds in April, a three-year low compared with GBP9.2 billion the previous month. The number of secured loans approved in Britain for house purchases was 66,250 during the month, down from 70,305 in March, the lowest since May 2015, data released by the Bank of England showed.

"House prices may well be softer over the next few months," said Howard Archer, Economist, IHS Global Insight, in a research note.

Consumer credit also eased in April to GBP1.3 billion, the weakest monthly rise since December last year, the Bank of England added. However, the annual growth in monetary aggregate M4 eased to 1 percent in April from 1.6 percent in March while it dropped 0.1 percent m/m.

Meanwhile, the outlook remains remain limited with respect to housing market activity and its prices, during the second half of 2016 on the assumption that a vote against Brexit will spur both investor as well as consumer sentiment, pushing economic activity largely.