Thomson Financial News - The historic weakness of this series (approvals) points to a further marked deceleration of house price growth in the coming months and should act to warn the BoE that an overly cautious stance could soon see it fall behind the curve. While the BoE will continue to note its concern the pending pick up in CPI inflation might become engrained in the form of second round effects, these data support our view that clearly mounting downside risks to growth will ensure the BoE engages in a measured easing of policy through the course of this year.