"Mortgage activity remains very close to record low levels since early 2010, a sign that the housing market is struggling to improve"
- Annalisa Piazza, an analyst at Newedge Group
The number of approved mortgages rose to 47,312 in July from a 18-month low of 44,124 in June, Bank of England data showed on Thursday. Analysts expected approvals to climb to 47,000.
"Mortgage activity remains very close to record low levels since early 2010, a sign that the housing market is struggling to improve," said Annalisa Piazza, an analyst at Newedge Group in London.
"It will take a few months to see the effects of the additional policy accommodation. Until then, we expect housing activity to remain very subdued."
The FTSE 100 Index declined 0.42 per cent to 5,719.45. The broader FTSE All-Share Index edged lower to 2,973.11.
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