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Financial News: UK Mortgage Approvals Increase In June

UK Mortgage Approvals Increase In June

07/24/2019 - 07:33:00 (RTTNews)

(RTTNews) - UK mortgage approvals increased marginally in June, data from UK Finance showed Wednesday.

The number of mortgages approved in June rose to a seasonally adjusted 42,653 from around 42,400 in May.

Gross mortgage lending across the residential market decreased about 4 percent to GBP 21.9 billion in June.

Credit card spending advanced 1.1 percent from last year to GBP 10.5 billion. Meanwhile, personal borrowing through loans decreased 2.4 percent annually. Although lending through overdrafts was 1.3 percent higher compared to the same month last year.

With October's Brexit deadline still looming, renewed uncertainty in the months ahead may yet cool the market further, Hansen Lu, an economist at Capital Economics, said. Indeed, even assuming a no-deal Brexit is avoided, mortgage lending is not expected to see a meaningful recovery until 2020 and 2021, the economist added.

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