MNI: UK July Mortgage Approvals Ease To Three-Month Low

--July Mortgage Approvals 39,584 vs 40,330 June: UK Finance

By Jamie Satchi

     LONDON (MNI) - Mortgage approvals dipped in July, snapping a three-month

winning streak, UK Finance said Friday.

     The data, a good indicator of future purchases, added to evidence of weak

housing market activity.

     The 39,584 approvals were down from 40,330 in June, in seasonally-adjusted

terms. While above the 12-month average of 39,343, July's figure was below the

long-run average of 51,260.

     In year-on-year terms, approvals slipped 4.3%, the tenth consecutive y/y

decline -- the longest stretch since March 2013.

     Remortgage approvals dropped to 26,757, a 13-month low, from 28,840 in June

and below the 12-month average of 29,402.

     In value terms, remortgage approvals as a share of total secured lending on

dwellings fell to 38% in July, having held steady at 40% for the previous six

months.

     The net increase in mortgage amounts outstanding in July was GBP1.720

billion, the joint-lowest since February, but this followed a six-month high of

GBP2.212bn in June.

--MNI London Bureau; +44 203-586-2226; email: jamie.satchithanantham@marketnews.com

--MNI London Bureau; +44 207-862-7489; email: ukeditorial@marketnews.com

--MNI London Bureau; +44208-865-3829; email: Jason.Webb@marketnews.com

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