U.K. Mortgage Approvals Slump

UK mortgage approvals slumped to a fresh record low in June, as net consumer lending hit a 9-year trough, highlighting that the downturn in the U.K. housing market is far from over. Mortgage approvals fell to 36,000 in June, the lowest reading since the series began in January 1999, data released recently from the Bank of England showed. That was slightly better than expectations of economists Dow Jones Newswires polled, who expected approvals to drop to 35,000, but still marked a considerable decline from a revised 41,000 in June. Growth in total net consumer lending also slowed to