NEWS...
Statistics Release from the BBA
In July, mortgage lending rose by £4.3 billion; the same as in June. The number of house purchase approvals continues to be very low while those for remortgaging have fallen.
Consumer credit rose by £0.1bn in July and was below the previous 6 month average of £0.3bn. Personal deposit growth was weak and consequently the annual growth rate declined by 0.8% to 4.8%.
BBA statistics director, David Dooks, said of the latest data: "The monthly numbers of approvals for house purchase, which have fallen by some two-thirds over the last year, levelled off in July. It would, however, be premature to think that the housing market will now start to recover, because overall approval activity continues to be very low.
"The pressures on household budgets are reflected in the relatively weak rise in individuals' deposits and, with consumer borrowing growing only slowly it seems that consumers are acting prudently."
Original article courtesy of DBSG. For further information visit www.dbsg-uk.com.
