UK Finance: July Mortgage Approvals Pick Up From June Nadir

-UK Finance (BBA): July Mortgage Approvals 41,587 vs 40,385 June

     LONDON (MNI) - UK mortgage approvals picked up modestly in July, recovering

from June's 9-month low, data released Thursday showed

     The survey from UK Finance, formerly the British Bankers Association,

showed July mortgage approvals rose to 41,587 from 40,385 in June and down from

44,318 in January. The June data were the lowest since September 2016.

     Re-mortgaging picked-up to 26,133 in July from 25,546 in June but this was

still markedly below levels at the start of the year, with 28,096 re-mortgaging

approvals seen in January.

     Until this month, UK Finance and Bank of England figures have shown

mortgage activity on a downward path and house price surveys have shown

decelerating gains, with regional patches of deflation.

     Unsecured borrowing was up in July with net personal loans and overdrafts

rising by stg220 million and net credit card credit rising by stg198 million.

--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com

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