UK Banks Approve Lowest Number of Mortgages Since 2013

British banks approved 35,667 mortgages for house purchase in December, the lowest number since April 2013, as the housing market continued to slow, the British Bankers’ Association said on Tuesday.

Mortgage approvals for house purchase fell from 36,657 in November, 24 percent down from the same time a year ago.

Still, the BBA said that for 2014 as a whole, the number of house purchase approvals was 9 percent higher than the previous year.

“The mortgage market has been softening since the spring, but for customers taking out home loans right now there are some great deals and we expect the market to begin to grow again this year,” said Richard Woolhouse, chief economist at the BBA.

Unsecured consumer credit lending is picking up strongly, growing at an annual rate of 3.8 percent — the highest rate for six years.

“Robust employment data is making many of us feel more secure in our jobs and optimistic about our futures,” said Woolhouse.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza