Details of the June 2016 UK BBA mortgage approvals report 26 July 2016
Prior 42,187. Revised to 41,842.
Net mortgage lending 1.399bn vs 1.665bn prior
Net credit card lending 267m vs 295m prior
SME lending fell for the first time this year
BBA say the numbers are not a verdict on the health of the economy post-Brexit
If there were real worries from home buyers ahead of the referendum then we would have seen a steeper fall. In theory, Brexit shouldn't have a material effect on the general market and any BOE rate cuts should be passed down to mortgage rates. It will be at the high end where any damage is done, particularly if foreign property owners sell up and take their cash out.
The SME lending needs watching further as that will impact the economy.
The pound has found some comfort that the figures weren't bad and cable is back above 1.3100. Let's see if it lasts.
UK BBA mortgage approvals
