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BBA Mortgage Approvals at the highest level in seven years

Thursday, Dec 24 2015
BBA Mortgage Approvals showed decline to 45,000 compared to last month's 45,500 and expectations on increase to 46,300. Richard Woolhouse, Chief Economist at the BBA, said: “These statistics show the continued strength of the mortgage market, with monthly new lending higher than at any time over the past seven years. Net lending to companies is now expanding, particularly in the wholesale and retail sectors, as businesses take advantage of record low interest rates.” 
 Gross mortgage borrowing of £12.8 billion in November was 28% higher than a year ago and the last two months have seen the highest monthly totals for seven years. The number of mortgage approvals in November was 25% higher than a year ago, with remortgaging up 31% and house purchase up 20%. Bank lending to companies is expanding, with November seeing lending growth in manufacturing, and the wholesale & retail sectors. Net capital market finance has raised £23.2 billion in 2015 so far, with larger companies using that as an alternative to loans and overdrafts.
 
Sterling is currently being traded around 1.49 handle. Pair is likely to find support around 1.4850 handle and resistance above 1.4930 level. Later today, in the US session, Unemployment Claims figures are scheduled for a release.
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