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Market news

29 September 2015

Number of mortgages approvals in the U.K. rise to 71,030 in August, the highest reading since May 2008

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 71,030 in August from 69,010 in July, exceeding expectations for an increase to 70,000. It was the highest reading since May 2008.

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. rose by £860 million in August, after a rise by £1.163 billion in July.

Net lending to individuals in the U.K. increased by £4.3 billion in August, exceeding expectations for a £4.1 billion, after a £4.0 billion gain in July. July's figure was revised up from a £3.9 billion increase.

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