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UK Housing Market Shows Signs of Post-Brexit Recovery

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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.

Reuters

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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