CORRECT: DATA SNAP: UK May Net Mtge Lending Hits Record Low

CORRECT: DATA SNAP: UK May Net Mtge Lending Hits Record Low

("=DATA SNAP: UK Net Mortgage Lending Hits Record Low In May," published at 0838 GMT, misstated net mortgage lending in paragraph two and net consumer lending in paragraph three. A corrected version follows:)

    By Nicholas Winning    Of DOW JONES NEWSWIRES  

LONDON (Dow Jones)--U.K. net mortgage lending slowed to its smallest monthly gain on record in May although the number of mortgages approved hit a 13-month high, data from the Bank of England showed Monday.

Net mortgage lending eased to GBP324 million in May from GBP908 million the previous month, the lowest level since comparable records began in April 1993 and well below economists' expectations of a GBP1.0 billion gain.

As a result, net consumer lending increased GBP624 million in May following a downwardly revised GBP1.1 billion rise in April.

Economists were expecting the net rise in consumer lending to increase to GBP1.4 billion in May, according to a Dow Jones Newswires survey of economists last week.

The BOE said net consumer credit rose GBP300 million after a GBP200 million gain in April - in line with economists' expectations from a Dow Jones Newswires survey last week.

Mortgage approvals, a good leading indicator of activity in the housing market, rose to 43,414 in May from 43,191 in April. That marked the highest total since April last year, but was still below economists' expectations of a 46,500 increase.

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-By Nicholas Winning, Dow Jones Newswires, +44 207 842b 9498; [email protected]

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June 29, 2009 05:02 ET (09:02 GMT)

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