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UK Finance Mortgage Approvals reflect the number of new mortgages approved during the previous month by UK mortgage lenders.
UK Finance indicator is calculated by British bankers' association. It includes 300 British companies providing credit, banking and financial services.
The statistics reflects data from banks comprising about 2/3 of the total amount of British domestic retail banking assets. Therefore, the UK Finance Mortgage Approvals indicator mainly correlates with the national statistics provided by the Bank of England.
A mortgage approval in this report is a lender's firm offer of a cash loan secured by a particular dwelling. This is an approved lending offer, regardless of whether it is accepted by the client.
Mortgage growth normally represents a growing housing market and contributes to the strengthening of the national banking sector. The growth may have a positive effect on the British pound quotes.
The chart of the entire available history of the "UK Finance United Kingdom Mortgage Approvals for House Purchase" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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