Mortgages edge up as savings boosted

MORTGAGE approvals for house purchases saw a slight increase in July, marking the third consecutive month of growth, according to official data.

- MAURICIO ALENCAR

The Bank of England's money and credit statistics indicate that the housing market remains robust despite concerns of a potential downturn ahead of the Autumn Budget.

The uptick in approvals occurred even as net borrowing of mortgage debt fell by £900 million, following a £3.2 billion surge in the previous month.

Large businesses witnessed an increase in their annual borrowing growth rate from 5.7% to 8%.

Meanwhile, the borrowing growth rate for small and medium-sized enterprises (SMEs) rose from 0.3 % to 0.9%, reaching its highest level since August 2021.