UK mortgage approvals drop down

On Contrary to experts’ expeUk mortgage approval fallctations, the number of approvals in UK mortgages has suddenly dropped in this quarter for the first time in the past four months. The mortgages rose significantly in August reaching the highest level since early 2014. The mortgage lending reached its peak in September since 2008, although the number of approvals declining. Housing market in UK shows traces of reduction in potential.

The number of approvals fell to 68,874 in September from 70,664 in August, according to Bank of England (BoE).

Experts forecasted that there would be an increase in the number of approvals. Though it fell from the previous month, the September data is still showing above average over the previous six months. The UK’s housing market is still showing signs of optimism in the stir of lower interest rates driving more demand. The new contributions in the housing market are not matching the way demand is growing. British economic growth slowed more than expected in the three months to September, and economists are unsure about the extent to which strong consumer demand will offset a weakening global outlook.

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