In the U.K., the number of mortgages approved for house purchases fell to 30,238 in May from 32,103 in April, the British Bankers' Association said Wednesday. Economists were forecasting approvals to rise to 33,000.
House purchase approvals were 3.4 percent lower than a year ago. The average house purchase mortgage approval was at GBP 165,300.
Likewise, total mortgage approvals that include house purchases, re-mortgages and other secured lending, declined to 62,063 from 66,613 in the prior month.
In terms of value, housing mortgages totaled GBP 4.9 billion, down from GBP 5.1 billion in April. Overall gross mortgage lending of GBP 7.9 billion in May was below the six month average as the housing market continued to see subdued activity.
by RTT Staff Writer
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