November 26, 2019 / 9:54 AM / 17 days ago

UK mortgage approvals fall to seven-month low in October - UK Finance

FILE PHOTO: An adjacent building throws a shadow accross the Bank of England in the City of London, Britain, December 12, 2017. REUTERS/Clodagh Kilcoyne

LONDON (Reuters) - Mortgage approvals by British banks fell in October to a seven-month low, industry figures showed on Tuesday, adding to signs of a subdued housing market ahead of Brexit and a general election due on Dec. 12 election.

Lenders approved 41,219 mortgages in October, down from 42,216 in September, industry association UK Finance said.

However, the value of secured lending rose in October by 3.452 billion pounds ($4.4 billion), the largest increase since March 2016, from 2.457 billion pounds in September.

UK Finance said consumer lending increased by 4.5% in annual terms in October, accelerating from 4.4% in September and marking the highest rate since February 2018.

(This story corrects month in headline to October from September)

Reporting by Andy Bruce, editing by David Milliken

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