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UK banks report mortgage approvals up 7 percent year-on-year in September

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UK banks report mortgage approvals up 7 percent year-on-year in September

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LONDON (Reuters) – British banks reported on Wednesday that they approved 7 percent more mortgages for house purchase last month than they had in September 2016, and that momentum in the housing market was recovering. Trade body UK Finance said banks approved 41,584 mortgages on a seasonally adjusted basis in September, down marginally from 41,762 in August but up from 37,593 a year earlier, when demand was weak in the aftermath of the Brexit vote. “As we near the end of 2017, our data is showing that housing market activity has built up modest momentum since the start of the year, helped by an increase in first-time buyer numbers,” UK Finance economist Mohammad Jamei said. “Businesses remain cautious about the future amidst an uncertain economic environment, reflected by their growing deposit activity and a dip in their borrowing growth rate,” he added.

(Reporting by David Milliken, editing by Estelle Shirbon)
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