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Financial News: UK Mortgage Approvals Rise Unexpectedly

UK Mortgage Approvals Rise Unexpectedly

01/04/2018 - 05:08:00 (RTTNews)

(RTTNews) - The UK mortgage approvals rose unexpectedly in November, data from the Bank of England revealed Thursday.

The number of mortgages approved for house purchases totaled 65,139 in November compared to 64,887 in October. Approvals were forecast to fall to 64,000.

Secured lending increased by GBP 3.5 billion following October's GBP 3.3 billion monthly growth. Economists had forecast a GBP 3.4 billion increase.

Consumer credit climbed GBP 1.4 billion in November, the same pace of growth as seen in October. Consumer credit was expected to climb GBP 1.5 billion.

Annual growth in consumer credit slowed to 9.1 percent, the weakest since December 2015.

The annual increase in M4 slowed to 3.7 percent in November from 4.1 percent in October. Likewise, monthly growth eased to 0.1 percent from 0.6 percent in October.

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