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--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
[TOPICS: MABDS$,M$B$$$,M$E$$$]

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