UK Mortgage Approvals Rise Further: BoE

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The numbers of loan approvals for house purchase in the UK stood at 50,123 in July, up from 47,891 in June, the Bank of England reported Tuesday. Economists were expecting a level of 50,100 for July.

Loans approved for remortgaging totaled 35,206 in July compared to 35,137 in June. Meanwhile, the number of loans approved for other purposes came in at 27,278, which was lower than in June and below the previous six-month average.

The BoE report revealed that total net lending to individuals fell GBP 0.6 billion in July, showing a net repayment for the first time in the series. Within the total, net lending secured on dwellings showed a net repayment of GBP 0.4 billion, compared to GBP 0.1 billion increase in June.

Consumer credit fell by a net GBP 0.2 billion, below the previous six-month average of GBP 0.1 billion. Credit card lending increased by a net GBP 0.1 billion and other loans and advances fell GBP 0.3 billion.

The numbers of loan approvals for house purchase in the UK stood at 50,123 in July, up from 47,891 in June, the Bank of England reported Tuesday. (Market News Provided by RTTNews)