UK Mortgage Approvals Fall in July

Mortgage approvals at Britain’s banks tumbled in July to their lowest level this year as people delayed making major financial decisions in the weeks after the Brexit vote.

Banks approved 37,662 mortgages for house purchases last month, down from 39,763 in June and 19% lower than in July 2015, the British Bankers’ Association said.

But robust credit growth, especially higher credit card debt, added to signs that the decision to quit the European Union had little impact on consumers’ appetite for smaller purchases.

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Net credit card lending rose in July by £291m – a 20% increase on the same month a year ago. The jump in short-term borrowing came after a similar £283m increase in June.

Warnings that Britain’s vote to leave the EU on 23 June could tip the economy into recession have so far been contradicted by surveys showing a more muted impact on the economy.

via The Guardian

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