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UK June Mortgage Approvals Rise To 3-Month High: BBA

July 23, 2014

LONDON (Alliance News) - UK mortgage approvals increased to a 3-month high in June, data showed Wednesday.

According to British Bankers' Association, loans approved for house purchases increased to 43,265 from revised 41,881 in May. Economists had forecast it to fall to 41,375 from May's originally estimated 41,757.

Including re-mortgage and other secured borrowing, mortgage approvals totaled 68,121 in June, up from 65,394 a month ago.

BBA said mortgage approval volumes recovered slightly in June following the introduction of the new mortgage rules which had a limited impact on application processes as the rules were bedding in.

"But the jury is still out on exactly how the new rules are affecting customer applications or approvals," Richard Woolhouse chief economist at the BBA said. "Nevertheless, the higher demand for personal loans suggests that the consumer's confidence in the recovery is growing."

Gross mortgage borrowing totaled GBP 11.2 billion, which was 24% higher than in June last year.

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Source: Alliance News

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