UK Aug Mortgage Approvals Highest Since Dec 2009

Author: Market News International | Category: News

–BOE: UK Aug House Purchase Approvals 52,410 Vs 49,644 Jul
–BOE: Overseas Gilt Holdings Cut by stg749mln m/m in Aug
–BOE: UK Aug Net Mortgage Lending Change m/m stg0.555bn
–BOE: UK Aug Net Consumer Credit stg0.459bn; Vs stg0.293bn Jul

London (MNI) – August mortgage approvals rose to their highest
level since December 2009, surpassing analysts’ expectations and
supporting the view that with lending rates at record low levels
mortgage demand is increasing.

The Bank of England personal lending data showed mortgage approvals
in August rose to 52,410 from 49,644 in July, the highest reading since
the 58,636 seen in December 2009.

The BOE effective interest rate data showed the rate on outstanding
mortgages fell another basis point in August to just 3.41%.

Unsecured credit growth also picked-up. Net consumer credit,
however, rose stg459 million, up from stg293 million in July.

Seasonally adjusted net mortgage lending showed some growth. The
change in secured lending on the month in August showed an increase of
stg555 million, below July’s reading but as recently as June it was
contracting – by stg94 million.

Broad money growth, on the BOE’s favoured measure excluding
intermediate other financial corporations, slowed in August.

M4 ex-IOFCs was flat on the month with the one quarter/3 month
annualised rate standing at 2.3%, down from 3.7% in July. The four
quarter/12 month fell to 2.2% from 2.3% in July.

–London newsroom: +44 207 862 7491 e-mail: drobinson@marketnews.com

[TOPICS: M$B$$$,M$$BE$,MABDS$]

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