-Adds Detail To Version Transmitted At 0830 GMT
-UK BBA: Sep sa mortgage approvals 31,175 vs 30,683 Aug
-UK BBA Sep sa remortgage approvals 20,111 vs 17,851 Aug
LONDON (MNI) – British Bankers’ Association data showed mortgage
approvals, a leading indicator of housing market activity, nudged up in
September to stand at their highest level since April and there was a
marked rise on the month in remortgage approvals.
Remortgaging plunged when the financial crisis hit, but appears to
be undergoing a mini-revival, although approvals levels are still low by
historic standards and down on a year ago.
September mortgage approvals rose to 31,175 on a seasonally
adjusted basis, up from 30,683 in August, a 1.6% rise on the month.
Remortgage approvals rose to 20,111 in September from 17,851 in August,
hitting their highest level since April.
The BBA downplayed the rise in approvals in September, noting
mortgage approvals were still 6% down on a year ago and the numbers of
remortgaging approvals were 15% lower than in September last year.
Unsecured borrowing ticked up, with net credit card credit rising
to stg346 million in September from stg133 million in August.
The BBA data, derived from the major British banking groups, cover
the bulk of the BOE mortgage approvals data. The BOE reported 45,102
mortgage approvals in August, with the BBA’s 30,683 outturn equivalent
to 68% of this total.
The BOE will release its September lending data on Oct 29. If the
BOE data also posts a 1.6% rise on the month, this would result in
45,824 outturn for mortgage approvals.
–London newsroom: 00 44 207 862 7491; drobinson@marketnews.com
[TOPICS: M$B$$$,MABDS$,M$B$$$]
