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UK mortgage approvals at 6-month high in August

Staff Writer |
UK mortgage approvals increased to a six-month high in August, data published by the UK Finance showed Tuesday.

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The number of mortgage approvals rose to 41,807 in August from 41,644 in July. This was the highest since February, when it totaled 42,328.

Gross mortgage borrowing was GBP 13.2 billion, which was in line with recent months, but 6% higher than August 2016. Net mortgage borrowing grew 2.6% the from previous year.

Data showed a slight slowdown in credit card borrowing growth, to 5% in August from 5.3% a month ago. Annual growth in overall consumer credit slackened to 1.5% from 1.9%.

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.

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