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Financial News: UK Mortgage Approvals At 5-Month High: UK Finance

UK Mortgage Approvals At 5-Month High: UK Finance

08/24/2017 - 07:28:00 (RTTNews)

(RTTNews) - UK mortgage approvals increased to a five-month high in July, data published by the UK Finance showed Thursday.

The number of mortgage approvals rose to 41,587 in July from 40,385 in June. Approvals increased by 9 percent from July 2016, when the market was markedly subdued after the EU referendum.

Gross mortgage borrowing of GBP 13.2 billion in July was much in line with recent months, although 5 percent higher than July 2016.

Annual growth in net mortgage borrowing was 2.5 percent in July.

UK Finance was created by combining most of the activities of six British lenders' groups including the British Bankers' Association that was earlier releasing the mortgage approvals data.

Today's data offer some tentative evidence that the recent slowdown in mortgage lending may have run its course, Ed Stansfield, an economist at Capital Economics, said.

And the fact that housing starts held up well in the second quarter suggests that housebuilders are also fairly confident about the medium-term outlook for demand and prices, the economist added.

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