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Financial News: UK November Mortgage Approvals Lowest In 7 Months

UK November Mortgage Approvals Lowest In 7 Months

01/04/2019 - 05:53:00 (RTTNews)

(RTTNews) - UK house mortgage approvals in November decreased more-than-expected from the previous month to its lowest level in seven months, data from the Bank of England showed on Friday. The number of mortgages approved for house purchase - which lead to future mortgage lending - fell slightly, to 63,728 in November, the bank said. A figure lower than this was last seen in April, when approvals totaled 63,421.

Economists had predicted 66,000 approvals for November.

Lending secured on dwellings grew by GBP 3.5 billion, which was less than the GBP 4.1 billion in October. Economists had forecast GBP 4 billion secured lending growth. The annual growth rate of mortgage lending eased to 3.2 percent in November from 3.3 percent in October. The rate was the lowest since July 2017, when it was 3.1 percent. Net consumer credit grew by GBP 0.9 billion in November, which was slightly less than the GBP 1 billion increase economists had predicted.

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