30.08.201605:12:00UTC+00U.K. Mortgage Approvals Decline In July

U.K. mortgage approvals declined to the lowest since early 2015, the Bank of England reported Tuesday.

The number of mortgage approvals fell to 60,912 in July from 64,152 in June. This was the lowest since January 2015. Economists had forecast approvals to fall to 61,900.

Consumer credit rose by GBP 1.2 billion in July compared to June's increase of GBP 1.9 billion. The pace of increase was slower than the expected growth of GBP 1.7 billion.

Lending secured on dwellings increased by GBP 2.7 billion in July, slower than a GBP 3.2 billion rise seen in June. Secured lending was expected to rise by GBP 3.1 billion.

The annual growth in M4 accelerated to 3.9 percent from 3.6 percent in June. On a monthly basis, M4 grew 1.2 percent.