Unexpected decline of U.K morgage approvals

Note: This section contains information in English only.
Source: RTTNews
Despite the forecast rise of U.K mortgage approvals to 34,000, there was a rapid drop to 32,288 in January from 33,440 the month before. Meanwhile, gross mortgage borrowing was above the latest monthly average rising to 7.7 billion GBP in January. According to BBA report, consumer claims for borrowings and overdrafts stayed quite low and the reimbursement of insecure personal borrowings remained to outweigh demand for new loans.
"January's severe weather impacted adversely on what was already a subdued picture of borrowing demand from households and businesses. While general economic growth stalls, low consumer and business confidence generates a natural tendency to restrain borrowing appetite, repay borrowing where possible and to build up cash and savings as a buffer," BBA statistics director, David Dooks said.

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