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U.K. Mortgage Approvals Fall, Unsecured Credit Remains Strong

  • Lenders approved 64,645 loans in April, fewest since September
  • Consumer credit growing at an annual rate of more than 10%
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Photographer: Jason Alden/Bloomberg
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U.K. mortgage approvals fell to a seven-month low in a sign the housing market is slowing, though Britons are continuing to take advantage of low interest rates to take on unsecured debt.

Lenders approved 64,645 home loans in April, the fewest since September and below the median forecast in a Bloomberg survey. Mortgage lending grew 2.7 billion pounds ($3.5 billion), the least since April 2016, the figures from the Bank of England show.