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UK: mortgage approvals fell but consumer credit increased
According to rttnews, U.K. mortgage approvals declined to a one-year low in June, the Bank of England reported Friday.
The number of mortgages approved in June fell to 64,766 in June from 66,722 in May. This was the lowest since May 2015, when approvals totaled 64,174. It was forecast to drop to 65,500 in June.
Consumer credit increased by a more-than-expected GBP 1.8 billion or 1 percent from May. Economists had forecast a GBP 1.4 billion increase.
Lending to individuals climbed GBP 5.2 billion, bigger than May's GBP 4.5 billion rise. Within total lending, secured lending grew GBP 3.3 billion or 0.3 percent compared to expected growth of GBP 2.7 billion.
Monthly growth in M4 money supply slowed to 1.1 percent in June from 1.3 percent in May. Year-on-year, M4 climbed 3.5 percent, faster than the 1.8 percent increase seen in prior month.
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