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Financial News: UK Mortgage Approvals Fall Sharply In September

UK Mortgage Approvals Fall Sharply In September

10/31/2022 - 07:57:00 (RTTNews)

(RTTNews) - UK mortgage approvals declined sharply in September amid rising interest rates and cooling property market, data from the Bank of England showed on Monday.

Mortgage approvals for house purchases, an indicator of future borrowing, declined sharply to 66,800 in September from 74,400 in August. The expected level was 67,000.

Mortgage lending remained almost unchanged at GBP 6.1 billion in September, well above the past six-month average of GBP 5.7 billion. Lending was forecast to fall to GBP 4.9 billion.

At the same time, gross lending increased to GBP 27.0 billion from GBP 25.9 billion in the previous month.

The 'effective' interest rate, which is the actual interest rate paid on newly drawn mortgages climbed 29 basis points to 2.84 percent in September. This was the largest monthly increase since December 2021 when Bank Rate began rising.

Data showed that consumer credit decreased to a nine-month low of GBP 0.7 billion in September from GBP 1.2 billion in August. This GBP 0.7 billion borrowing was split between GBP 0.1 billion on credit cards, and GBP 0.7 billion through other forms of consumer credit.

The annual growth in consumer credit rose slightly to 7.2 percent from 7.1 percent in August.

Businesses borrowed GBP 2.6 billion in September compared to GBP 7.6 billion in August. Within this large companies borrowed GBP 2.7 billion, while small and medium-sized businesses repaid GBP 0.1 billion.

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