BBA Mortgage Approvals increased to 46,700
Latest BBA Mortgage Approvals data showed increase to 46,700, above expectations. Gross mortgage borrowing in August was £12.2 billion. This was 14% higher than a year ago and the largest increase since 2008. Net borrowing of £2.0 billion was the highest monthly rise since August 2010.
Richard Woolhouse, Chief Economist at the BBA, said: “People are putting their money into bricks and mortar while interest rates are low and the timing of a likely rate rise remains uncertain.Mortgage borrowing continues to pick up. The August increase is the largest in five years, although borrowing is still some way below pre-crisis levels. Remortgaging numbers also continue to be strong, as shrewd homeowners snap up competitive deals.”
Sterling is currently being traded around 1.5270 area. Pair is likely to find support around 1.52 handle and resistance above 1.5330 level. Later today, in the US session, Durable Goods Orders, Unemployment Claims and New Home Sales figures are scheduled for a release.
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