U.K. mortgage approvals declined in May after rising in the prior month, the Bank of England reported Tuesday.
The number of mortgages approved for house purchases in May fell to 51,098 from 51,627 in April. Economists were forecasting a level of 50,000.
Lending to individuals rose by GBP 1.3 billion in May or 0.1 percent from the prior month. Likewise, lending secured on dwelling increased GBP 0.6 billion. On a monthly basis, secured lending remained flat, but rose 0.8 percent annually.
The monthly increase in consumer credit came was GBP 0.7 billion or 0.4 percent in May. On an annual comparison, consumer credit climbed 2.4 percent.
In a separate report, the BoE said M4 money supply declined by 0.1 percent month-on-month in May, following a 0.9 percent rise in April. Annually, money supply dropped 4.1 percent, slightly faster than the 4 percent decline in the prior month.
by RTT Staff Writer
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