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Financial News: UK Mortgage Approvals Stagnate In June: UK Finance

UK Mortgage Approvals Stagnate In June: UK Finance

07/26/2017 - 07:25:00 (RTTNews)

(RTTNews) - Corrects heading

The UK mortgage approvals stagnated in June, data published by the UK Finance showed Wednesday.

The number of mortgage approvals came in at 40,200 in June compared to 40,287 in May. Similar lower levels were last seen in late 2016.

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.

While weaker economic growth and falling buyer enquires mean the near-term outlook is subdued, there is scope for a gentle improvement in lending by the end of 2017, Hansen Lu, an economist at Capital Economics, said.

Consumer credit growth slowed to 1.9 percent in June from 2.1 percent in May.

Gross mortgage borrowing totaled GBP 13.0 billion in June. At the sane time, net mortgage borrowing was 2.6 percent higher than a year ago.

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