Monday, the Bank of England reported that mortgage approvals in the UK reached a new series low of 32,000 in August from 33,000 in July. Economists had expected the mortgage approvals to fall to 30,000. The number of remortgaging dropped to 64,000 from 69,000 in July.
The increase in net lending secured on dwellings was GBP0.1 billion in August compared with GBP3 billion in July. Meanwhile, the net consumer credit in August grew GBP1.2 billion, slightly higher than GBP1.1 billion in the previous month.
The central bank said total net lending to individuals increased GBP1.4 billion, much below July's GBP4 billion growth. Annual growth in net lending slowed to 6.2% from July's 6.9%.
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