U.K. mortgage approvals declined unexpectedly in August, data from British Bankers' Association, or BBA, revealed Tuesday.
The number of mortgage approvals fell to 41,588 in August from 42,715 in July. Economists had expected the number of approvals to rise to 42,913.
Meanwhile, gross mortgage borrowing rose to GBP 11.1 billion in August from GBP 10.9 billion in July.
"Though approval processes were temporarily disrupted by the implementation of the Mortgage Market Review in early 2014, recent figures suggest a stable overall picture of approval numbers.", the BBA said.
David Dooks, Statistics Director at the BBA, said, "Today's figures show that mortgage lending in August was up 15% on last year and that credit card spending remains robust. But I was particularly struck that after years of decline demand for unsecured personal loans is rising quite strongly again."
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