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UK mortgage approvals hit one-year low in June UK mortgage approvals fall to one-year low in June
(about 1 hour later)
British mortgage approvals dipped to the lowest level since May 2015 in the weeks around last month’s vote to leave the European Union, but lending to consumers expanded at the fastest pace in almost 11 years. British mortgage approvals fell to their lowest level since May 2015 last month, in which the UK voted to leave the EU, but lending to consumers expanded at the fastest pace for almost 11 years.
The Bank of England said lenders approved 64,766 mortgages in June compared with 66,722 in May, extending a gentle slide since the start of the year and undershooting analyst expectations for 65,650. The Bank of England said lenders approved 64,766 mortgages in June, compared with 66,722 in May, extending a gentle slide since the start of the year and below analysts’ expectations of 65,650.
The figures shed little light on how Britain’s economy has reacted to the 23 June referendum. The figures shed little light on how Britain’s economy has reacted to the EU referendum on 23 June.
Lending to consumers expanded 10.3% year-on-year in June, the fastest annual growth since October 2005, but the Bank of England has said it expects credit growth to ease in the second half of this year. Lending to consumers rose by 10.3% year on year in June, the fastest annual growth since October 2005, but the Bank has said it expects credit growth to ease in the second half of this year.
British consumer morale suffered its sharpest drop in more than 26 years after last month’s decision by voters to leave the European Union, as Britons became increasingly pessimistic about the economic outlook, according to a survey overnight from market research firm GfK. UK consumer confidence suffered its sharpest drop in more than 26 years after the Brexit vote, as Britons became increasingly pessimistic about the UK economic outlook, according to a survey from market researcher GfK.
Worsening morale among consumers and businesses will probably spur the central bank into cutting interest rates next week to a new record low, according to economists polled by Reuters. Worsening morale among consumers and businesses will likely spur the Bank into cutting interest rates next week to a record low, according to economists polled by Reuters.
Net mortgage lending, which lags approvals, rose by £3.348bn in June, the BoE said, much more than a forecast of £2.6bn in the Reuters poll but still some way off March’s recent peak of £7.275bn. Net mortgage lending, which lags approvals, rose by £3.348bn in June, the Bank said, much more than a forecast of £2.6bn in the Reuters poll, but still some way off March’s recent peak of £7.275bn.
The Brexit vote had an immediate impact on Britain’s housing market, causing buyer interest and expectations of future sales to wither at the fastest pace in years, according to the Royal Institution of Chartered Surveyors.The Brexit vote had an immediate impact on Britain’s housing market, causing buyer interest and expectations of future sales to wither at the fastest pace in years, according to the Royal Institution of Chartered Surveyors.
Mortgage lender Nationwide said this had yet to be reflected in house prices, reporting that prices rose at their fastest annual pace in four months in July. Mortgage lender Nationwide said this had yet to be reflected in house prices, reporting that prices rose at their quickest annual pace for four months in July.
Less comprehensive figures from the British Bankers’ Association showed the number of mortgages approved by banks fell to a 15-month low in June. Less comprehensive figures from the British Bankers’ Association showed that the number of mortgages approved by banks fell to a 15-month low in June.
The BoE said consumer credit grew by £1.837bn, up from £1.599bn in May. Economists had expected an increase of £1.4bn. The Bank said consumer credit grew by £1.837bn, up from £1.599bn in May. Economists had expected growth of £1.4bn.
The BoE said lending to non-financial businesses increased by just over a billion pounds in June, down from £3bn in May. On an annual basis, lending to business rose 2.7%, the strongest growth since the series started in April 2012. Lending to non-financial businesses increased by just over £1bn in June, down from £3bn in May, the Bank said. On an annual basis, lending to business rose by 2.7%.