UK June mortgage approvals 63.73k vs 65.00k expected

• Prior 66.16k; revised to 65.68k
• Net consumer credit £1.8 billion vs £1.0 billion expected
• Prior £0.8 billion; revised to £0.9 billion

Net borrowing of mortgage debt by UK individuals decreased to £5.3 billion in June, down from £8.0 billion in May but remains above its 12-month pre-pandemic average up to February 2020 of £4.3 billion. Meanwhile, approvals for home purchases - an indicator of future borrowing - dropped to ~63,700 in June and that is below the 12-month pre-pandemic average up to February 2020 of ~66,700.

As for consumer credit growth, it is seen at 6.5% year-on-year - the highest since May 2019 - although the cost-of-living crisis is not quite captured in these numbers.

/GBP GBP The Great British pound (GBP) or pound sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia, and other pacific territories.The GBP is currently the fourth most-traded currency worldwide in forex markets after the US dollar, euro, and Japanese yen.As the oldest currency in continual use, the GBP holds great weight on the world market and is also the fourth largest reserve currency.The Bank of England (BoE) is the central banking auth The Great British pound (GBP) or pound sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia, and other pacific territories.The GBP is currently the fourth most-traded currency worldwide in forex markets after the US dollar, euro, and Japanese yen.As the oldest currency in continual use, the GBP holds great weight on the world market and is also the fourth largest reserve currency.The Bank of England (BoE) is the central banking auth Read this Term