Mortgage approvals slip in July
British mortgage approvals eased in July from last year, although the value of approvals climbed 12% on the year, a new report showed Tuesday.
Figures from the British Bankers' Association showed mortgage approvals slipped 0.7% last month to 66,965 from 67,412 a year ago and from 75,318 in June.
Economists say the figures indicate the UK housing market is beginning to cool following five interest rate hikes since August 2006.
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"With customers seeking to replace deals or fix their mortgage costs, increased remortgaging activity boosted the banks' lending in July," said director of statistics at BBA David Dooks.
"The lower approvals volumes he believes simply reflects the seasonal pattern, which should allow the 'stable trend in the banks' lending to continue over the next couple of months."
Today's report showed 182,950 mortgages were approved during the month with an aggregate vale of £21.5bn.
