AUTOREFRESH 
Update: UK BBA: Mortgage Approvals Decline In July
–Adds Detail To Version Transmitted At 0830 GMT
–UK BBA: Jul sa Mortgage Approvals 33,698 vs 34,575 Jun
–UK BBA: Jul sa Remortgage Approvals 22,790 vs 21,365 Jun
–UK BBA: Jul Value of Loans for House Purchase stg4.975 bln
–UK BBA Director: Mortgage Demand “Continues to be Subdued”
LONDON (MNI) – UK mortgage approvals decline in July, hitting their
lowest level since February, with demand remaining subdued, according to
the latest lending report from the British Banker’s Association.
The number of seasonally adjusted mortgage approvals fell to 33,698
in July from 34,575 in June, below the 34,000 median forecast in a
Market News survey. With mortgage approvals a good indicator of future
housing market activity, the data point to a subdued market through the
autumn.
“Gross mortgage lending remains stable, although demand for
mortgages continues to be subdued. The greater availability of
properties for sale and slowing house price growth have not yet fed
through to increased house purchase approvals,” BBA statistics director,
David Dooks said.
The seasonally adjusted value of loans approved for house purchase
fell to stg4.975 billion in July from stg5.078 billion in June, again
the lowest level since February.
The data also show the average value of mortgages is falling. In
July, the average mortgage value was stg148,500, down from stg150,600 9n
June.
The BBA’s consumer credit data showed declining use of credit
cards, a net repayment on overdrafts and a fall in the value of
structured personal loans.
The non-seasonally adjusted number of credit card transactions fell
to 94.7 million in July from 98.8 million in June and there was a net
stg169 million reduction in overdraft lending.
– London newsroom: 00 44 207 862 7491; drobinson@marketnews.com
[TOPICS: M$B$$$,M$BDS$,M$BE$$,MT$$$$,MABDS$]
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