UK BBA: Mortgage Approvals Decline In July, Demand Subdued

–UK BBA: Jul sa Mortgage Approvals 33,698 vs 34,575 Jun
–UK BBA: Jul sa Remortgage Approvals 22,790 vs 21,365 Jun
–UK BBA: Jul Value of Loans for House Purchase stg4.975 bln
–UK BBA Director: Mortgage Demand “Continues to be Subdued”

LONDON (MNI) – UK mortgage approvals decline in July, hitting their
lowest level since February, with demand remaining subdued, according to
the latest lending report from the British Banker’s Association.

The number of seasonally adjusted mortgage approvals fell to 33,698
in July from 34,575 in June, below the 34,000 median forecast in a
Market News survey. With mortgage approvals a good indicator of future
housing market activity, the data point to a subdued market through the
autumn.

“Gross mortgage lending remains stable, although demand for
mortgages continues to be subdued. The greater availability of
properties for sale and slowing house price growth have not yet fed
through to increased house purchase approvals,” BBA statistics director,
David Dooks said.

— London newsroom: 00 44 207 862 7491; drobinson@marketnews.com
[TOPICS: M$B$$$,M$BDS$,M$BE$$,MT$$$$,MABDS$]