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MNI: UK September Mortgage Approvals Slip To Six-Month Low

MNI (London)
--September Mortgage Approvals 38,505 vs 39,241 August: UK Finance
By Jamie Satchi
     LONDON (MNI) - UK mortgage approvals dipped for the third consecutive month
in September to sit at their lowest level since March, UK Finance data published
Wednesday showed.
     The September UKF figures add to the evidence that housing market activity
is stagnant, with approvals a good indicator of future house purchase levels. In
September there were 38,505 mortgage approvals, down from 39,241 in August and
below the 12-month average of 38,967. 
     Meanwhile, remortgaging approvals also dipped. Approvals fell to 27,874,
recording the biggest monthly fall since December 2017, down from 30,838 in
August and below the 12-month average of 29,506.  
     The net change in mortgage lending in March was just stg1.550 billion, down
from stg1.671 billion a month before. That's the third straight month net
mortgage lending has decline and below the 12-month average of stg1,779bn.  
     "The mortgage market softened slightly in September, following strong
remortgaging activity in the months preceding the recent base rate rise," Eric
Leenders, UK Finance Managing Director for Retail Banking said.
     "There has been modest year-on-year growth in card spending. However,
borrowing through personal loans and overdrafts has contracted slightly in
recent months, suggesting demand for unsecured household finance is becoming
more subdued," he added.
--MNI London Bureau; +44 203-586-2226; email: jamie.satchithanantham@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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