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 This article was written by Justin Low at www.forexlive.com.
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