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Financial News: UK Mortgage Approvals Lowest Since January

UK Mortgage Approvals Lowest Since January

07/29/2019 - 04:51:00 (RTTNews)

(RTTNews) - UK mortgage approvals declined to the lowest since January, the Bank of England reported Monday.

The number of mortgage approvals fell to 66,440 in June from 65,647 in May. This was the lowest since January and below the forecast of 65,800.

Secured lending increased by GBP 3.7 billion compared to GBP 2.9 billion in May. The annual growth rate of mortgage lending remained stable at 3.1 percent.

Consumer credit grew GBP 1.04 billion, which was bigger than the GBP 906 million increase registered a month ago. However, the annual growth rate eased to 5.5 percent.

Further, data showed that businesses raised GBP 3.3 billion of net finance in June, primarily reflecting borrowing from banks. The additional amount borrowed by businesses in May was GBP 1.8 billion.

Broad money supply M4 grew at a faster pace of 2.3 percent annually in June, following May's 2.1 percent increase. On a monthly basis, M4 gained 0.1 percent, in contrast to a 0.1 percent drop in May.

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