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Financial News: UK Mortgage Approvals Exceed Expectations

UK Mortgage Approvals Exceed Expectations

05/31/2019 - 05:06:00 (RTTNews)

(RTTNews) - UK mortgage approvals increased more-than-expected in April, figures from Bank of England showed Friday.

The number of mortgage approvals for house purchase, a leading indicator of mortgage lending, rose to 66,261 from 62,559 in March. The expected level was 63,500.

This was close to the average of the past two years and reversed the fall seen in March, the central bank said.

Secured lending increased by GBP 4.3 billion compared to GBP 4.4 billion a month ago.

Data showed that consumer credit increased by GBP 0.9 billion in April, in line with the monthly average increase since July 2018. The annual growth in consumer credit eased to 5.9 percent from 6.4 percent in March.

The amount businesses borrowed from UK banks and financial markets increased by a relatively strong GBP 5.7 billion in April, the bank said.

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