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Financial News: UK Secured Lending Rises In September

UK Secured Lending Rises In September

10/29/2021 - 06:21:00 (RTTNews)

(RTTNews) - The UK secured lending increased in September ahead of the complete tapering off of lower stamp duty from October, the Bank of England said on Friday.

Individuals borrowed a GBP 9.5 billion of mortgage debt in September compared to GBP 4.4 billion in August and economists' forecast of GBP 6 billion.

This was the highest since June 2021 when net borrowing reached a record of GBP 17.1 billion.

The net borrowing in September was GBP 2.9 billion above the twelve month average to June 2021, when the full stamp duty holiday was in effect. Gross lending increased sharply to GBP 30.7 billion from GBP 20.9 billion in August.

The number of mortgage approvals declined to a 14-month low of 72,645 in September from 74,214 in August. This was the lowest since July 2020 but above the economists' forecast of 70,950.

Further, data showed that individuals borrowed GBP 0.2 billion in consumer credit September. Consumer credit declined 1.8 percent on year, but slower than the 2.4 percent fall in August.

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