by ForexNewsNow Team on December 23rd, 2010

British mortgage approvals drop unexpectedly, data show

UK flagNEW YORK (Forex News Now) – The number of mortgages approved for home purchase by the British Bankers’ Association banks dropped unexpectedly in November, data showed on Thursday in a major realtime forex news event.

In a report likely to impact currency market trading, the BBA said that the number dropped to 30.0 thousand, down from a mark of 30.8 thousand the previous month.

Analysts had expected November’s figure to rise to a mark of 31.3 thousand, according to two major online FX trading news outlets.

Banks represented by the BBA make up around 60% of total UK mortgage lending, making the data a key indicator of demand in the housing market.

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