Free Trial

BOE: July Mortgage Appovals Highest Since March 2016>

-BOE UK July house purchase approvals 68,689 vs 65,318 June
     LONDON (MNI) - Mortgage approvals rose in July following two 
consecutive monthly declines to hit their highest level since March 
2016, Bank of England data showed. 
     The number of mortgage approvals rose to 68,689 in July from 65,318 
in June, the highest reading since the 70.314 recorded in March and up 
from the previous peak in May of 65,574. Other surveys have highlighted 
tightening supply of houses coming on to the market, but these July 
approvals data point to an uptick in activity ahead. 
     The net change in mortgage lending in July was stg3.601 billion, 
down from stg4.134 billion in June and the lowest outturn since April. 
     Average interest rates for mortgages hit new lows in July, with the 
average effective rate on outstanding mortgages falling to 2.55% from 
2.57% and on new business to 1.95% from 2.05%. 
     Unsecured consumer credit rose stg1.179 billion on the month in 
July, down from stg1.351 billion in June and the lowest since last 
December. 
     The Bank of England in its August Inflation Report noted that 
growth in unsecured consumer credit had eased slightly, with car finance 
deals accounting for around a third of the growth. 
-email: david.robinson@marketnews.com  
[TOPICS: M$B$$$,M$$BE$,MABDS$]

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.