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2018.09.2606:04:00UTC+00UK Mortgage Approvals Fall Slightly In August

UK mortgage approvals decreased in August, while credit card spending of consumers increased from last year, figures from UK Finance revealed Wednesday.

The number of mortgages approved for house purchases in August decreased to 39,402 from 39,619 in July. In the same period last year, approvals totaled 41,141.

There was a fall in house purchase and other secured borrowing of 4.3 percent and 2.1 percent, respectively.

Credit card spending climbed 7.6 percent from last year in August. Meanwhile, outstanding overdraft borrowing dropped 7.2 percent.

"Growth in card spending remained fairly strong, reflecting the boost to retail sales from the warm weather as well as the growing use of credit cards as a preferred means of payment," Peter Tyler, director, UK Finance, said.

"However, the overall economic outlook remains mixed as household incomes continue to be squeezed by rising inflation."

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