UK Mortgage Approval Declines More Than Expected In May

(RTTNews) - UK mortgage approvals for house purchases fell to 42,000 in May from 58,000 in April, the Bank of England announced Monday. Mortgage approvals reached a new series low since records started in 1999 and stood below 51,000 expected by economists.

Net lending secured on dwellings increased GBP4.1 billion, below the increase in April and the previous six-month average. Annual growth in lending was 8.2% in May compared with 8.7% in April.

Meanwhile, net consumer credit climbed GBP1.4 billion in May, up from GBP1.1 in April. On a monthly basis, consumer credit increased 0.6% and rose 7% annually.