UK Mortgage Approvals Decline In September

UK mortgage approvals declined to a six-month low in September, data from UK Finance showed Thursday.

Mortgage approvals for house purchases fell to 42,310 in September from 42,527 in August. Meanwhile, the number of remortgages rose to around 32,600.

Even if a Brexit deal is agreed soon, demand will be constrained by high house prices and economic uncertainty, Hansen Lu, an economist at Capital Economics, said.

The economist expects lending to be flat in 2019, and to rise by 2 percent to 3 percent per-year in 2020 and 2021 – but only if the Brexit clouds clear within the next few months.

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