British mortgage approvals picked up more strongly than expected last month as the housing market showed some signs of recovery after June’s vote to leave the European Union, Bank of England data showed on Monday.
However, the number of mortgage approvals – a gauge of future housing market activity – remained below its level in the months running up to the referendum, and growth in consumer borrowing also eased from recent highs.
Mortgage approvals for house purchases rose to 62,932 in September from 60,984 in August, their highest since June and easily beating the average forecast of 60,150 in a Reuters poll.
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