Economic Buzz: UK mortgage approvals falls in August

UK mortgage approvals declined in August and consumer credit remained flat, data from the Bank of England showed Monday. The number of mortgage approvals fell by 500 to 64,700 in August. This was below the expected level of 65,000. Secured lending dropped by GBP 0.2 billion to GBP 4.3 billion in August after falling by GBP 0.9 billion in July. Net borrowing of consumer credit by individuals remained flat at GBP 1.7 billion in August. Data showed that borrowing by large businesses increased at a faster pace of 8.6 percent, following an 8.1 percent rise in July. Similarly, the annual growth rate of borrowing by small and medium-sized enterprises increased to 1.2 percent, which was the highest since August 2021.

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