2010.07.2905:57:00UTC+00U.K. Mortgage Approvals Drop In June: BoE

The number of loans approved for house purchases in the U.K. in June decreased to 47,643 from 49,461 in May, the Bank of England reported Thursday. The latest level was well below the previous six-month average of 50,036 and the expected 48,800.

Total net lending to individuals rose by GBP 0.6 billion in June. The twelve-month growth rate was unchanged from a revised 0.8% in May. Within the total, net lending secured on dwellings increased by GBP 0.7 billion, which was slightly below the May increase of GBP 0.8 billion. Consensus forecast was for GBP 1 billion increase. Year-on-year, secured lending grew 0.9%.

Consumer credit fell GBP 0.1 billion in June, below the previous six-month average of an increase of GBP 0.2 billion and the May increase of GBP 0.3 billion. On a yearly basis, credit dipped 0.1%.

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