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U.K. September Mortgage Approvals Rise More Than Expected: BBA

The number of mortgage approvals for house purchases in the United Kingdom increased more than economists expected in September, data released by the British Bankers' Association (BBA) showed Tuesday.

The number of mortgage approvals for the purchase of residential properties increased to 31,175 in September from 30,683 in August. Economists had forecast approvals to rise to 30,870.

In September, the annual growth in banks' net mortgage lending was 0.5 percent. The outstanding level of unsecured borrowing from the banks contracted by 2.5 percent over the year to September.

Gross mortgage lending of GBP7.3 billion in September was below the recent monthly average, and reflected continued low levels of activity in the housing market, the agency said.

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