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The Bank of England (BoE) released its number of mortgages approvals for the U.K. on Tuesday. The number of mortgages approvals in the U.K. was up to 68,764 in July from 67,069 in June, exceeding expectations for an increase to 68,000. It was the highest reading since February 2014.
The BoE introduced tighter rules on mortgage lending last year. Lenders have to make more checks on whether borrowers can afford their loans.
Consumer credit in the U.K. declined by £1.173 billion in July, after a rise by £1.230 billion in June.
Net lending to individuals in the U.K. increased by £3.9 billion in July, after a £3.9 billion gain in June.