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Financial News: UK Mortgage Approvals Decline In October

UK Mortgage Approvals Decline In October

11/29/2019 - 06:16:00 (RTTNews)

(RTTNews) - UK mortgage approvals declined in October, data from the Bank of England showed Friday.

The number of mortgages approved for house purchases fell to 64,602 in October from 65,803 in September. Approvals were forecast to drop to 65,400.

Lending secured on dwelling increased by GBP 4.3 billion or 0.3 percent in October.

The extra amount borrowed by consumers in order to buy goods and services rose to GBP 1.3 billion. Annual growth in consumer credit advanced to 6.1 percent from 5.9 percent. This was the first increase in the annual growth rate since June 2018.

Further, data showed that loans to non-financial businesses grew 3.8 percent after climbing 4 percent in September.

The M4 money supply logged an annual growth of 3.6 percent in October, slower than the 4 percent rise in September. On a monthly basis, M4 remained flat.

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