UK mortgage approvals touch six-month low but consumers borrow more

1 min


163
102 shares, 163 points

LONDON (Reuters) – British lenders approved the fewest mortgages in six months in August, figures showed on Friday, in a further sign of the slowdown in the property market as mortgage interest rates rise, but borrowing by consumers gathered some steam.

Bank of England data showed banks and building societies approved 45,354 mortgages for house purchase in August, down from 49,532 in July and broadly in line with economists’ expectations in a Reuters poll.

However, net mortgage lending – which typically lags approvals by around a month – was the highest since January at 1.218 billion pounds ($1.49 billion), after an unusually weak 201 million-pound increase in July.

New unsecured lending to consumers jumped by 1.644 billion pounds ($2.01 billion) from the previous month after a 1.271 billion-pound rise in July, beating all forecasts in the Reuters poll.

The annual growth rate in unsecured borrowing increased to 7.6% in August from 7.3%, rising to its highest since April.

($1 = 0.8173 pounds)

(Reporting by David Milliken; Editing by William Schomberg)

Source: KFGO


Like it? Share with your friends!

163
102 shares, 163 points

What's Your Reaction?

Cute Cute
18
Cute
Fun Fun
10
Fun
Hate Hate
5
Hate
Confused Confused
21
Confused
Fail Fail
13
Fail
Geeky Geeky
8
Geeky
Love Love
26
Love
OMG OMG
21
OMG
Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format