LONDON (UK) – Mortgage approvals in Britain recorded its all-time high in 13 years in August revealing the scale of the bounce-back in the housing market after the lockdown, according to data of the Bank of England.
Mortgage approvals surged to 84,700 from 66,300 in July, the highest level since October 2007.
Mortgage lending climbed 3.1 billion pounds in August, which was weaker than expected.
On the other hand, consumer borrowing, which is the main driver of economic growth, went up by only 300 million pounds in August from July.
Head of savings and retirement at insurer Aviva Alistair McQueen said many families were likely to start saving more anticipating further economic confusion caused by stricter lockdowns.
“This will dent consumer spending, which will curb the UK’s economic recovery.”