**5 Things We Learned From Nov BOE Money and Credit Data

By Jamie Satchithanantham

     **LONDON (MNI) - The following are the key points from the November money

and credit data release published Thursday by the Bank of England:

     - House purchase approvals rebounded from October's two-year-plus low in

November to break a run of three successive monthly declines. Approvals rose by

65,139 in Nov, up from 64,887 in Oct (the weakest showing since Sep 2016). The

softness in housing market activity is still evident - with the October

approvals outturn below both September's reading and the six month average.

     - Fixed rate mortgages offered in November were cheaper than in October but

overall mortgage borrowing became more expensive. Average two, three and five

year quoted fixed rate mortgages were all a touch lower, with the average

interest rate on a three year 75% LTV mortgage 1.68% versus 1.69%. The average

rate on effective new mortgage business, that is mortgages taken out during the

month, rose to 1.99% from 1.92.

     - Media reports of excessive unsecured borrowing look overblown. Net

consumer credit rose stg1.400bn in November up from stg1.362bn in October but

below stg1.412bn in September.

     - Broad money growth was subdued. The 3.4% 3m annualised rise in November

M4 excluding intra-financial sector lending was down from 5.4% in October.

     - The data overall are consistent with evidence of a subdued housing market

and unspectacular credit and money growth.

--MNI London Bureau; +44 203-586-2226; email: jamie.satchithanantham@marketnews.com

[TOPICS: MAUDR$,MAUDS$,M$U$$$,MX$$$$]