UK Mortgage Approvals Fall to Nine-Month Low

Britain’s housing market and consumer economy lost a small amount of momentum last month as mortgage approvals dropped to a nine-month low and unsecured lending growth slowed further from last year’s 11-year high.

The figures from the Bank of England add to the case for its Monetary Policy Committee to keep interest rates at a record-low 0.25 percent on Thursday, and chime with other data which showed lacklustre growth in the overall economy in the second quarter.

The number of mortgages approved for house purchase fell to the lowest since September last year in June at 64,684, down from 65,109 in May and a slightly bigger drop than economists’ forecasts of a decline to 65,000 in a Reuters poll.

Reuters

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Craig Erlam

Craig Erlam

Senior Market Analyst - UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam