MNI: UK March Mortgage Approvals Dip To Three-Month Low

--March Mortgage Approvals 37,567 vs 38,567 February: UK Finance

By Jamie Satchithanantham

     LONDON (MNI) - Mortgage approvals dipped for the second consecutive month

in March to sit at their lowest level since the turn of the year, UK Finance

data showed.

     The March UKF figures add to the evidence that housing market activity is

cooling, with approvals a good indicator of future house purchase levels. In

March there were 37,567 mortgage approvals, down from 38,035 in February and the

second-weakest outturn since the 34,006 just under five years ago.

     Meanwhile, remortgaging approvals remained fairly flat in March. Approvals

fell slightly to 28,321 down from 28,593 in February and in line with the

12-month average of 28,598.  

     The net change in mortgage lending in March was just stg1.758 billion, up

from stg1.709 billion a month before.

     "There was a rising trend in mortgage approvals for the first three months

of 2018 although the number is slightly lower than the same period in 2017,"

Eric Leenders, UK Finance Managing Director for Retail Banking said.

     "March figures show that consumer borrowing was fairly modest, with card

spending down and repayments outstripping lending in the first quarter of 2018.

Growth in personal deposits also increased over the year, alongside a rise in

overdraft repayments," he added.

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

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