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Financial News: UK Mortgage Approvals Decline In May

UK Mortgage Approvals Decline In May

07/01/2019 - 04:54:00 (RTTNews)

(RTTNews) - UK mortgage approvals declined in May and households' borrowing logged the weakest growth in two years, data from Bank of England showed Monday.

The number of mortgages approved in May declined to 65,409 in May from 66,045 in April. Approvals were forecast to fall to 65,500.

Net mortgage borrowing by households fell to GBP 3.1 billion in May, the smallest increase since April 2017. However the annual growth rate for mortgage lending remained stable at 3.2 percent.

The extra amount borrowed by consumers to buy goods and services was GBP 0.8 billion in May compared to GBP 1 billion in April. The annual growth rate of consumer credit slowed again in May, to 5.6 percent from 5.9 percent.

Further, data showed that the amount businesses borrowed from banks and financial markets was GBP 1.7 billion compared to GBP 5.5 billion in April.

Broad money supply M4 dropped 0.1 percent on month in May but it grew 2.2 percent annually.

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