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Mortgage approvals in the United Kingdom declined to almost 20-month low in August, dropping for the third consecutive month this year, reflecting both the slowdown in housing market growth after the April spike and broader trends in the sector. However, the consumers are seen to borrow more through loans and overdrafts.
A total of 36,997 homeowners had their mortgages approved, data released by the British Bankers' Association (BBA) showed Monday. That is the lowest figure since January 2015 and a 21 percent drop in August 2015.
However, the total amount of consumer credit grew by 6.4 percent in the year to August, the fastest rate of growth for nearly 10 years. Also, gross mortgage borrowing grew 1 percent to GBP12.4 billion in the month compared to the same month last year, the data showed.
Moreover, borrowing by non-financial companies decreased GBP 0.1 billion in August after a fairly strong rise in July.
"Given the low-interest rate environment and high levels of confidence during the summer, the strong credit growth can be interpreted as strong consumer sentiment," said Rebecca Harding, Chief Economist, BBA.
Meanwhile, according to Howard Archer, Chief European and UK economist at IHS Global Insight, consumers are likely to face diminishing purchasing power over the coming months as inflation rises and earnings growth is limited by companies striving to limit their costs.
