UK mortgage approvals climb to highest in more than two years
[LONDON] UK mortgage approvals rose to a two-year high last month in a sign confidence may be returning to the market.
The number of loans climbed to 42,989, the most since February 2017 and more than 10 per centhigher than a year earlier, lobby group UK Finance said on Tuesday.
The British housing market has been sluggish since the Brexit referendum almost three years ago, with London taking most of the hit. Still, prices outside the capital have started picking up as low interest rates and record employment underpin demand.
Credit-card spending in April - at 11.4 billion pounds (S$19.3 billion) - was up almost 12 per cent compared with a year earlier. UK Finance said that reflects a growing preference for using cards, though with repayments keeping up with spending, consumers are "managing their finances."
The UK Finance report covers seven high street banks representing around 60 per cent of total mortgage lending. The Bank of England will publish its mortgage and lending data on May 31.
BLOOMBERG
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
China home sales slump 47% over May Day holiday vs 2023
China builder Vanke tells investors it readied money to pay bond
Swedish property group SBB's loss shrinks in Q1 and sees improving capital market
Consider housing policy tweaks to boost Singapore’s birth rate
HDB resale volumes recover in April as fewer BTO launches push demand to secondary market
More homes planned in Media Circle to support housing demand