Investing.com – Mortgage approvals in the U.K. fell more-than-expected in September, declining to their lowest level since March 2009, industry data showed on Monday.
In a report, the British Banker's Association said that the number of new mortgages approved in September fell to 31.1K, after declining to 31.8K in August.
Analysts had expected the number of mortgage approvals to fall to 31.6K in September.
Commenting on the report, BBA statistics director, David Dooks said, “Demand for new mortgages remains low despite more properties on the market and falling house prices.” He added, “Business borrowing continues to reflect weak demand combined with companies reducing gearing by repaying bank borrowing."
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.36% to hit 1.5745.
Meanwhile, European stock markets were up. The FTSE 100 rose 0.77%, the EURO STOXX 50 gained 0.41%, France’s CAC 40 added 0.56%, and Germany's DAX was up 0.74%.
In a report, the British Banker's Association said that the number of new mortgages approved in September fell to 31.1K, after declining to 31.8K in August.
Analysts had expected the number of mortgage approvals to fall to 31.6K in September.
Commenting on the report, BBA statistics director, David Dooks said, “Demand for new mortgages remains low despite more properties on the market and falling house prices.” He added, “Business borrowing continues to reflect weak demand combined with companies reducing gearing by repaying bank borrowing."
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.36% to hit 1.5745.
Meanwhile, European stock markets were up. The FTSE 100 rose 0.77%, the EURO STOXX 50 gained 0.41%, France’s CAC 40 added 0.56%, and Germany's DAX was up 0.74%.