UK Mortgage Approvals Fall In August - BBA

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UK banks approved 38,095 mortgages for house purchase in August, down from 38,186 granted in July, the British Bankers' Association said Wednesday. That was the first decline in eight months. Compared to the previous year, it represents an increase of 81.4%.

"Loans approved for house purchase have recovered to early-2008 levels, but low levels of customer demand and a limited number of properties coming onto the market will continue to moderate lending," BBA statistics director David Dooks said. Numbers of approvals for remortgaging were 26,124, a decline from 30,414 approved in July. Annually, it dropped 47.4%.

"In reaction to the economic conditions, consumers appear to be building up their savings and controlling their appetite for unsecured borrowing," Dooks said.

UK banks approved 38,095 mortgages for house purchase in August, down from 38,186 granted in July, the British Bankers' Association said Wednesday. That was the first decline in eight months. Compared to the previous year, it represents an increase of 81.4%. (Market News Provided by RTTNews)