May Mortgage Approvals Increased 2.5%.......>

UK DATA: May Mortgage Approvals Increased 2.5%           

--BOE: UK May House Purchase Approvals 64,526 vs Apr 62,941  

--BOE: UK May Net Consumer Credit stg1.405bn vs Apr stg1.764bn 

--BOE: UK May Net Mortgage Lending stg3.861bn vs Apr stg3.792bn  

--BOE: UK May M4 Ex-intermediate OFCS 0.9% m/m; 3.4% 3m Annualised         

--BOE: UK May Effective Interest Rate On New Secured Loans 2.09% v 2.02%    

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Mortgage approvals bucked the trend from three consecutive months 

of falls to rise to 64,526 in May from 62,941 in April. This rise was 

above the six-month average of 63,803. Net consumer credit edged down a 

touch in May, dropping to stg1.405bn, with the bulk of the drop 

attributed to 'other' lending which includes motor finance. The drop was 

still in line with the six month average of stg1.4bn.  Annual growth in 

secured lending remained unchanged April's revised figure of 3.3%. The 

BOE's data showed quoted mortgage interest rates highest since 2016.