UK mortgage approvals jump unexpectedly; eurozone returns to growth as inflation falls – as it happened

UK mortgage approvals rise to eight-month high in June, while eurozone GDP rises after narrowly avoiding winter recession

• Eurozone returns to economic growth as inflation falls
• UK retail financial services set for biggest overhaul in 20 years

Newsflash: UK mortgage approvals rose unexpectedly last month, despite borrowers being hit by rising interest rates.

New data from the Bank of England shows that net mortgage approvals for house purchases rose to 54,700 in June, up from 51,100 in May. Economists had expected a fall to around 49,000.

The average 2-year fixed residential mortgage rate today is 6.81%. This is unchanged from the previous working day.

The average 5-year fixed residential mortgage rate today is 6.34%. This is unchanged from the previous working day.