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MNI: Nov Mortgage Approvals Lowest Since Aug 2016: UK Finance

MNI (London)
By David Robinson
     LONDON (MNI) - UK seasonally adjusted mortgage approvals in November fell
to their lowest level since August 2016, UK Finance data showed, providing
further evidence that the housing market is cooling.
     Mortgage approvals from the major UK banking groups fell to 39,507 in
November from 40,417 in October, the lowest reading since the 38,308 recorded in
August 2016.
     Re-mortgaging also slowed, with re-mortgaging deals agreed dropping to
33,670 in November from 34,006 in October, although still well above the 30,353
recorded in September.
     The net change in mortgage lending shrunk to stg1.853 billion in November
from stg1.873 billion in October, the weakest reading since July.
     Forecasters are, for the most part, downbeat about the outlook for the UK
housing market in 2018.
     Mortgage lender Nationwide, for example, predicted that house prices would
be "broadly flat" in 2018, whereas in 2017 prices in January through November
prices rose in a 2-4% range on the year.
--MNI London Bureau; tel: +44 203-586-2223; email: david.robinson@marketnews.com
[TOPICS: MABDS$,M$B$$$,M$E$$$,MT$$$$]
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com

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