2010.08.3105:49:00UTC+00U.K. July Mortgage Approvals Beat Expectations

The number of mortgages approved in the U.K. rose in July compared to June and came in above expectations, official figures showed on Tuesday.

The Bank of England said a total of 48,722 mortgages were approved during July, up from the 48,562 approved in June. Economists had forecast approvals to total 46,500.

At the same time, total net lending to individuals rose GBP 0.3 billion, up 0.8% from a year ago. Net lending secured on dwellings increased GBP 0.1 billion, below the June increase of GBP 0.5 billion.

Consumer credit rose by GBP 0.2 billion, above the June decrease of GBP 0.1 billion.

Copyright(c) 2010 News.com, Inc. All Rights Reserved