UK Mortgage Approvals Rebound After 19 Month Low

British banks approved more mortgages last month after the number of approvals fell to a 19-month low in August, while consumer lending grew at its fastest rate in nearly a decade, industry figures showed on Wednesday.

The British Bankers’ Association said its members approved 38,252 mortgages for house purchase in September, down 15 percent on a year earlier but up from 37,241 in August, which was the lowest level since January 2015.

“Mortgage approvals picked up slightly this month but the housing market continues to shows signs of underlying weakness,” BBA chief economist Rebecca Harding said.

Reuters

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.