Bank of England: British Lenders Approved 65.619 Mortgages in June
UK mortgage approvals hit a five-month high last month. The Bank of England reported, that British lenders approved 65.619 mortgages in June, comparing with 64.684 in May. Economists had expected a 65.500 figure.
Today’s data also showed a stronger than expected increase in lending to consumers. Net mortgage lending grew by 3.851 billion pounds, while consumer lending increased by 1.567 billion pounds compared with a forecast rise of 1.3 billion pounds. Consumer credit growth has been slowing gradually since it peaked at nearly 11% in January 2016.
The Bank of England will announce its political decision on Thursday. Analysts expect the BoE to raise its base rate by a quarter point to 0.75%. The expected rate rise comes against a backdrop of slow economic and wage growth and above-target inflation.