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Financial News: UK Mortgage Approvals Highest Since 2017

UK Mortgage Approvals Highest Since 2017

05/28/2019 - 08:15:00 (RTTNews)

(RTTNews) - UK mortgage approvals increased to the highest level in more than two years in April, data from UK Finance showed Tuesday.

The number of mortgage approvals rose to 42,989 in April from 40,564 in March. This was the highest since February 2017 and was well above the forecast of 39,450.

On a yearly basis, mortgage approvals increased 11.5 percent in April, the fastest in three years.

"Mortgage approvals for house purchase saw a surprisingly large rise in April, but we doubt that signals the start of a sustained rebound in lending," Hansen Lu, a property economist at Capital Economics, said.

Indeed, with all other signs consistent with softening housing market activity, the latest surge in lending will probably be reversed in the coming months, the economist added.

Data showed that gross mortgage lending decreased 1.4 percent to GBP 20.3 billion. Meanwhile, credit card spending rose 11.7 percent.

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