25 Nov 2014
BBA figures suggest further cooling of UK housing market
FXStreet (London) - UK BBA mortgage approvals declined to 37.1k in October, further than the consensus expectation of 38.5k and down from 39.3k in September. The declines come following the implementation of macroprudential policies by the Bank of England aimed as cooling the UK housing market.
Richard Woolhouse, Chief Economist at the BBA, said:
“Today’s figures suggest that the cooling of the property market has continued in recent weeks. Approvals were 16% lower in October than in the same month last year – the corresponding figure for September was a 10% decline.
“Despite softening in the housing market, consumers continue to show confidence in the economy with unsecured borrowing at its highest growth rate in years.”
Richard Woolhouse, Chief Economist at the BBA, said:
“Today’s figures suggest that the cooling of the property market has continued in recent weeks. Approvals were 16% lower in October than in the same month last year – the corresponding figure for September was a 10% decline.
“Despite softening in the housing market, consumers continue to show confidence in the economy with unsecured borrowing at its highest growth rate in years.”