Economics

U.K. Mortgage Lending Declines, Construction Shrinks: Economy

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By Svenja O’Donnell

July 3, 2012 at 10:41 AM UTC

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U.K. mortgage approvals fell in May and construction shrank at the fastest rate in 2 1/2 years in June, adding to signs the housing market is slowing amid growing concern over the economic outlook.

Lenders granted 51,098 loans to buy homes, compared with 51,627 the previous month, the Bank of England said today in London. A gauge of building output based on a survey fell to