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Financial News: UK Mortgage Approvals At 4-month Low

UK Mortgage Approvals At 4-month Low

04/28/2017 - 06:21:00 (RTTNews)

(RTTNews) - UK home loan approvals declined more-than-expected to its lowest level in four months in March, figures from the British Bankers' Association showed Friday.

The number of mortgages approved for house purchases fell to 41,061 from 42,247 in March. Economists had forecast 40,000.

The figure was the lowest since November, when approvals were 40,667.

Gross mortgage borrowing totaled GBP 13.2 billion in March, largely in line with recent months. Net borrowing grew 2.2 percent from a year ago. Consumer credit rose 6.1 percent year-on-year versus 6.5 percent in February.

"In March, annual growth in consumer borrowing from the main high street banks slowed, perhaps mirroring the dip seen in retail sales volumes as price rises appear to have started biting into consumers' spending," Eric Leenders, BBA managing director for retail banking said.

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