–Adds Detail To Version Transmitted At 0830 GMT
–UK BBA: Aug sa Mortgage Approvals 31,767 vs 34,219 Jul
–UK BBA: Aug sa Remortgage Approvals 23,906 vs 23,022 Jul
–UK BBA: Aug Value of Loans for House Purchase stg4.683 bln
–UK BBA: Aug Mortgage Approvals Lowest Since April 2009
LONDON (MNI) – UK mortgage approvals fell further in August,
hitting their lowest level since April last year, 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 31,767
in August from 34,219 in July, the lowest level seen since the 31,206
recorded last April. The data add to the evidence of a cooling housing
market.
Remortgage approvals nudged up to 23,906 in August from 23,022 in
July while the value of mortgage loans in August fell to Stg4.683
billion from stg5.046 billion in July, hitting the lowest level since
May 2009.
“Demand for mortgages continues to be weak despite more properties
reportedly coming on to the market. Even with stable or falling house
prices the current economic climate makes it unlikely that demand will
pick up in the near future,” BBA statistics director David Dooks said.
Mortgage approvals are a good indicator of future housing market
activity, and these data suggest the market will remain subdued through
the remainder of this year at least.
On the personal credit side, there was a modest rise in unsecured
borrowing.
Net credit card borrowing rose to stg370 million in August from
stg193 million in July on an unadjusted basis. The number of credit
card transactions rose to 96.8 million in August from 94.7 million in
July.
Net personal loans and overdrafts rose by stg99 million, after
being reduced by stg433 million in July.
— London newsroom: 00 44 207 862 7491; drobinson@marketnews.com
[TOPICS: M$B$$$,M$BDS$,M$BE$$,MT$$$$,MABDS$]
