Technicals

FXstreet.com (Barcelona) - The total amount of mortgages for home purchases approved in the UK has declined to less then half of the level recorded in August last year, according to the latest report released by the British Bankers' Association.

Net mortgage lending has declined to GBP 2.1B from GBP4.3B in July, less than half of the average lending of the previous six months. Consumer credit rose by GBP0.4B in August, somewhat above the GBP0.3B average of the previous six months.

Approvals for home purchase have totalled 21,086 in August, down from 22,239, a 64.0% decline from the same month last year. Approvals for remortgaging have declined to 47,765 from 52,911 in July, 28% lower than last year.