The number of mortgage approvals granted for house purchase in the United Kingdom increased more-than-expected in April, data released by the British Bankers' Association revealed Thursday.
The mortgage approvals for house purchases rose to 32,438 from an upwardly revised 31.931 in March. Economists were looking for a figure of 32,000 for April.
Gross mortgage lending was GBP 7.6 billion in April, down from GBP 8.2 billion in March. Net consumer credit lending shrunk by GBP 0.2 billion, while it grew by GBP 0.1 billion in the previous month. Personal deposits grew by GBP 2.2 billion, adding to the 1.6 billion increase in March.
Lending to non-financial businesses declined by GBP 1.7 billion, after falling GBP 3 billion in March.
"Weak U.K. growth and eurozone uncertainty continue to undermine business confidence, leading to continued sluggish demand for borrowing," BBA Statistics Director David Dooks said.
"The reaction to higher gross mortgage lending in March, ahead of the removal of the stamp duty concession, was a slightly weaker figure for households' secured borrowing in April".
by RTT Staff Writer
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