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UK October Mortgage Approvals Rise More Than Expected: BBA

UK's mortgage approvals increased more than expected in October, data released by the British Bankers' Association (BBA) showed Tuesday.

The number of mortgages approved for house purchase increased to 33,039 in October from 31,544 in September. Economists were looking for a more modest rise to around 32,000.

At the same time, the total value of mortgages approved for house purchase increased modestly to GBP5.2 billion in October from GBP5 billion in the previous month.

Banks' net mortgage lending increased 0.4 percent year-on-year in October. Meanwhile, the outstanding level of unsecured borrowing decreased by 2.7 percent during the month, driven by an 8.2 percent fall in personal loans and overdrafts, data showed.

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