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BBA Mortgage Approvals up to 46,000

Wednesday, Aug 26 2015
BBA Mortgage Approvals show an increase to 46,000 in line with market forecasts. Richard Woolhouse, Chief Economist at the BBA, said: “These figures show that thousands of us managed to tear ourselves away from the Ashes series to remortgage during July. This was a 29% surge on 12 months before and the highest figure we’ve seen for four years. Savvy homeowners are snapping up competitive deals before an expected increase in interest rates."
 
“There were concerns that new regulations had made applying for a mortgage more onerous. But remortgaging is still a straightforward process that can take even less time than Alastair Cook and his men took to beat Australia.”  Lending to larger companies increased in July but overall continues to be fairly subdued. However, capital market finance grew by some £11.1 billion in the first seven months of 2015.
 
Data did not have any major impact on the markets. Sterling is currently being traded few points above 1.5670 level. Pair is likely to find support around 1.56 area and resistance above 1.5750 handle. Later today, in the US session, Durable Goods Orders figures are scheduled for a release.
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