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Financial News: UK Mortgage Approvals Fall; Consumer Credit Improves

UK Mortgage Approvals Fall; Consumer Credit Improves

01/04/2022 - 05:35:00 (RTTNews)

(RTTNews) - UK mortgage approvals declined to the lowest level in more than a year in November, while consumer credit increased at a faster pace, the Bank of England reported Tuesday.

The number of mortgages approved in November declined to 66,964 from 67,103 in the previous month. This was the lowest since June 2020. The expected level was 65,400.

Data showed that consumer credit increased by GBP 1.23 billion, following an increase of GBP 828 million in the previous month.

The annual growth rate for all consumer credit increased to 0.4 percent from -1.0 percent in October, the first positive growth rate since March 2020.

Net borrowing of bank loans by non-financial businesses was GBP 2.1 billion in November, compared to GBP 0.6 billion in October. Net borrowing by large non-financial businesses was GBP 2.9 billion, while small and medium-sized non-financial businesses repaid GBP 0.8 billion.

The annual growth rate of borrowing by all large businesses increased to 1.4 percent from 0.9 percent in October.

The increase in consumer credit adds to evidence that the economy may have picked up a bit of momentum in the middle of the fourth quarter, Bethany Beckett, an economist at Capital Economics, said.

"But that predated the surge in COVID-19 cases caused by the Omicron variant, and we suspect that households' appetite for unsecured borrowing has taken a knock since then," the economist added.

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