24.08.201804:58:00UTC+00UK Mortgage Approvals Decline In July

UK mortgage approvals declined in July, data from UK Finance showed Friday.

The number of mortgages approved in July fell to 39,584 from 40,330 in June. Economists had forecast approvals to rise to 40,650.

Gross mortgage lending for the total market in July was GBP 24.6 billion, about 7.6 percent higher than a year earlier.

Credit card spending was 8.1 percent higher than a year ago in July. At the same time, personal deposits grew 1.2 percent in the last twelve months.

"July saw steady growth in gross mortgage lending, driven largely by remortgaging as homeowners locked into attractive deals in anticipation of the recent base rate rise," Peter Tyler, Director at UK Finance, said.

However the broader economic outlook remains mixed, with households continuing to see their incomes being squeezed by rising inflation, Tyler noted. "This may explain the shift towards deposits held in instant access accounts, as consumers opt to keep their money close to hand."