The number of mortgages approved by Britain’s banks for new house purchases rose to a seasonally-adjusted 42,653 in June from 42,047 the previous month, based on the revised data from UK Finance. While the mortgage approvals came in below analysts’ expectations of 42,900, June’s figures are a notch below April’s two-year highs of 42,792.
From the time Britain voted to leave the European Union in 2016, the country has witnessed robust consumer demand in spite of the housing market slowing down in London and the surrounding areas, prompting the chief economist of the Bank of England Andy Haldane to issue a statement saying that the housing market had bottomed out. On the other hand, loan approvals on dwellings for re-mortgaging rose from 28,748 in May to 28,806 in June while net mortgage lending too surged from £1.374bn to £1.579bn.
With Boris Johnson taking over as the UK’s prime minister amid clear signs that the country would exit the European Union one way or the other, the outlook for the housing market, along with a host of other key macroeconomic figures, remains uncertain in the near-term.
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