wrapper

BBA Mortgage Approvals higher than expected

Thursday, Nov 24 2016
BBA Mortgage Approvals higher than expected

According to the latest BBA report house purchase approval numbers are 10% lower than in October 2015 and in the first ten months of 2016 were 4% lower than in the same period of 2015. Remortgaging approvals were similar to those in October 2015 but in the first ten months of 2016 were 13% higher than in the equivalent period of 2015. Dr Rebecca Harding, BBA Chief Economist, said: “Consumer credit is now growing at its fastest rate since November 2006, reflecting strong retail sales growth. Consumer confidence remains robust as borrowers take advantage of record low interest rates.“

“Mortgage approvals ticked up a little October.  There has only been a relatively modest increase in activity since the Bank of England cut rates in August. Finally, there was a slight increase in business borrowing in October but this was driven by a one-off factor and will probably unwind next month. However, businesses are increasingly going back to capital markets as a means to raise funding. They also continue to hold cash deposits, suggesting that they are building up cash reserves for ready access to resources should the need arise.”

 

Sterling is currently being traded around 1.2480 level. Pair is likely to find support around 1.24 handle and resistance above 1.2530 area.

More in this category: « ECB says it can shield euro area from global finance instability Aussie again testing 0.74 handle »

Latest from Editor

About Us

Forex Web News is part of Rolling Capital Network providing financial consulting.

Within the Forex Web News we provide our readers with expert and timely technical analyses, fundamental analyses and news; with one aim – for our readers to make best possible financial decisions.

Forex Web News desks and analysis department follow the international markets closely and create high quality proprietary content on a both daily and weekly basis.

.

All our analysts have several years of trading and analysis experience. The Forex Web News analysis team creates daily and weekly analyses and offer forecasts regarding where they believe the markets are heading. Our readers are provided with data displayed both in texts and on graphs, providing them the fullest understanding of what is happening in the market place.

We are constantly growing our news desks and our analysis departments as we strive to broaden the content we provide to visitors of the Forex Web News.

Disclaimer

Rolling-capital.com – The company, employees, subsidiaries and associates, are not liable nor shall they be held liable jointly or severally for any loss or damage as a result of reliance on the information provided on this website. The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate. All prices herein are provided by market makers and not by exchanges. As such prices may not be accurate and they may differ from the actual market price. rolling-capital.com bears no responsibility for any trading losses you might incur as a result of using any data within the Forex Web News.