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Financial News: UK Mortgage Approvals At 16-Month High

UK Mortgage Approvals At 16-Month High

08/30/2017 - 05:24:00 (RTTNews)

(RTTNews) - The UK mortgage approvals increased to a 16-month high in July, the Bank of England reported Wednesday.

The number of mortgage approvals rose to 68,689 in July from 65,318 in June. This was the highest since March 2016 and above the expected level of 65,000.

Secured lending grew GBP 3.6 billion versus GBP 4.1 billion increase in June. Economists had forecast a monthly growth of GBP 3.8 bllion.

Likewise, consumer credit grew at a slower pace of GBP 1.2 billion after rising GBP 1.4 billion in June. The annual growth rate of consumer credit fell to 9.8 percent, the lowest since April 2016.

Loans to large non-financial businesses increased by GBP 8.2 billion in July, with a particularly large increase in the manufacturing sector. Meanwhile, loans to small and medium-sized enterprises decreased by GBP 0.2 billion in July.

Monetary aggregate M4 rose by 0.5 percent month-on-month in July, in contrast to a 0.1 percent fall in June. On a yearly basis, M4 growth slowed to 4.4 percent from 5.3 percent in June.

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