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Remortgage approvals fall 10% in a year

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Written by: Victoria Hartley
26/06/2017
Mortgage providers report that May saw remortgaging approvals of 24,248, which is a fall of 10% against last year and below the six-monthly trend of 26,494.

The British Bankers’ Association (BBA) reported house purchase approval numbers in May of 40,347 at 3.3% lower than May 2016 and slightly down on the monthly average of 41,923 over the previous half-year.

Gross mortgage borrowing in May totalled £13.3bn much in line with recent months and 9% higher than a year before.

Net mortgage borrowing in May was 2.4% higher than a year ago, said the trade body which is one of the six bodies, which includes the CML to merge into a single trade association UK Finance at the end of this month.

Consumer credit annual growth was 5.1% in May, compared with 6.4% in April. The decline in May was driven by weaker growth in personal loans and overdrafts with annual growth falling from 6.3% to 4.8%, while growth in credit card borrowing also slowed from 6.4% to 5.5% reflecting weaker retail sale volumes in May.

Annual house price growth has also dropped to a rate of just 3.3%, according to the May Halifax house price index.

Prices increased by 0.4% in May according to Halifax, to take the average house price to £220,706. However, over the quarter prices have fallen by 0.2%, while annual house price growth is now markedly lower than the 10% rate seen in March last year.

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