-Updates Version Transmitted At 0830 GMT
-UK BBA: Jul sa Mortgage approvals 28,441 vs 25,940 Jun
LONDON (MNI) – UK mortgage approvals rebounded in July from their
June low, but were still sharply down on year ago levels, according to
BBA data.
The number of seasonally adjusted mortgage approvals stood at
28,441 in July, up from 25,940 in June and a 9.6% rise on the month. The
June outturn was the lowest since the 22,921 seen back in December 2008
and the July reading is markedly below the levels seen in the first
quarter of this year.
Back in February mortgage approvals hit their local peak for this
year of 32,523. Mortgage approvals in July were 16.6% down on the same
month a year ago.
The data also showed a modest pick-up in remortgaging activity,
with the number of remortgaging loans approved in July rising to 15,600
from 14,033 in June.
There was a small net increase in the amount of mortgage lending
outstanding in July, of stg274 million following a stg283 million
increase in June.
The unsecured lending data showed negligible changes in credit card
borrowing, with the net change in amounts outstanding rising stg21
million in July.
“We continue to see the household sector increasing deposits and
repaying debt,” BBA statistics director, David Dooks said.
–London Bureau; Tel: +44207 862 7491; email: drobinson@marketnews.com
[TOPICS: MABDS$,M$B$$$]
