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MNI: UK Mortgage Approvals Rise To Ninth-Month High In June

MNI (London)
--June Mortgage Approvals 40,541 vs 39,528 May: UK Finance
By Jamie Satchi
     LONDON (MNI) - UK Mortgage approvals rose for a third consecutive month in
June, hitting a nine-month high, UK Finance (UKF) data showed.
     The June UKF figures provide some evidence that housing market activity is
improving, with approvals a key indicator of future house purchase levels. In
June there were 40,541 mortgage approvals for house purchase on a seasonally
adjusted basis, up from 39,528 in May and the best outturn since the 41,233
approvals recorded last September.
     That said, activity on the whole still remains muted. Despite being above
the 12-month average of 39,493, June's 40,541 approvals figure sits a fair way
below the long-run historical average of 51,307 monthly approvals (data
commencing from September 1997).
     Meanwhile, remortgaging approvals remained broadly unchanged in June,
decreasing slightly to 29,354 from 29,732 in May and broadly in line with the
12-month average of 29,434.
     The net change in mortgage lending in June was stg2.162 billion, a
six-month high, up from stg1.877 billion a month before.
     "...growth in mortgage lending continues to be driven by remortgaging, as
borrowers take advantage of attractive deals ahead of an anticipated Bank rate
rise," Eric Leenders, Managing Director of Personal Finance at UK Finance said.
--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; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: MABDS$,M$B$$$,M$E$$$]
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
Data StoriesImpactDataPolicy NewsSpainCEEMEAEurozoneGermanyFranceItalyBank Of England (BOE) Market NewsUKRegion
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
Data StoriesImpactDataPolicy NewsSpainCEEMEAEurozoneGermanyFranceItalyBank Of England (BOE) Market NewsUKRegion
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