UK Mortgage Approvals Fall in August

British mortgage approvals fell slightly more than expected in August, adding to signs that the housing market has cooled markedly over the past few months, according to official data on Monday.

The Bank of England said mortgage approvals numbered 64,212 last month, the weakest reading since May, and down from 66,100 in July.

Analysts had forecast a modest fall in approvals to 65,000.

Monthly mortgage approvals are still short of the 90,000 level seen before the 2008 financial crisis, and below a recent peak of more than 76,000 in January.

Recent surveys of the housing market have suggested the pace of its recovery has slowed, after rapid growth in activity and house prices at the start of the year.

The British Bankers’ Association reported last week that the number of mortgages approved by its members fell to a 12-month low in August.

via CNBC

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