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MNI BRIEF: UK Mortgage Approvals Dip; Deposits Increase

(MNI London)

UK mortgage approvals fell by 0.8% in August, to 74,500, the lowest since July 2020, but still sit well above pre-pandemic levels, according to data released on Wednesday by the Bank of England. However, net borrowing increased to GBP5.3 billion, following a rare net repayment of GBP1.8 billion in July.

Consumer savings remain elevated, with households depositing an additional GBP9.1 billion with banks and building societies in August, well above the net flow of GBP8.5 billion in July. Bank deposits averaged GBP4.7 billion a month in the year to February 2020.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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