UK Net Mortgage Approvals Fall As Interest Rates Remain High1112 GMT - U.K. net mortgage approvals fell to 49,444 in July from 54,605 in June, signalling a likely decline in future mortgage borrowing due to significant increases in interest rates, Bank of England data show. Concerns about people's ability to meet their mortgage repayments have led to a drop in U.K. mortgage approvals, co-founders at mortgage analytics company Eligible say in a note. "On this basis, we believe there remains a lot to play for with regards to Drax's U.K. BECCS proposition," he says. Mortgage approvals fell by more than 5,000 on month in July, though the full impact from recently surging mortgage rates has yet to be felt, and housing activity and prices have further to fall in the coming months, Webb says. Insurance company Prudential is up 3.2% after a rise in 1H profit while house builder Persimmon gains 1.8%.

Source: Wall Street Journal August 30, 2023 13:10 UTC