U.K. mortgage approvals increased in May and secured lending accelerated from April, the Bank of England said Wednesday.
The number of loans approved for house purchases rose to 67,042 from 66,205 in April. It was expected to fall to 65,000.
Total lending to individuals increased by GBP 4.3 billion in May, compared to the average of GBP 5.1 billion over the previous six months.
Within total lending, secured lending grew GBP 2.8 billion, bigger than the expected growth of GBP 2.3 billion and a GBP 0.1 billion rise seen in April.
Consumer credit increased by GBP 1.5 billion in May, in line with expectations, and above April’s GBP 1.3 billion rise.
IHS Global Insight Economist Howard Archer said, housing market activity and prices now look to be at very serious risk of an extended, marked downturn following the UK’s vote to leave the EU.
The M4 monetary aggregate climbed 1.2 percent in May from April, when it fell 0.1 percent. On a yearly basis, growth in M4 improved to 1.8 percent from 1.1 percent.
The material has been provided by InstaForex Company – www.instaforex.com