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--Jul House Purchase Approvals 64,768 Vs 65,374 Jun
--Jul Net Mortgage Lending Stg3.195Bn Vs Stg3.851Bn Jun
--Jul Net Consumer Credit Stg0.817Bn Vs St1.521Bn Jun
--Jul M4 +0.9% m/m; +2.1% y/y
--Jul M4 Ex-Other Financial Corporations Flat m/m; +3.4% y/y
London (MNI) - The number of mortgages approved dipped slightly in
July, while provision of unsecured credit hit a four-month low, data
published Thursday showed.
The data issued by the Bank of England Friday also showed a core
measure of broad money growth, M4 excluding other financial
corporations, flat on the month in July and hit its lowest yearly rate
since November 2014.
July house purchase approvals fell to 64,768, down from 65,374, but
roughly in line with their average over the past six months. Mortgage
approvals provide an indication of how much fresh new mortgage lending
may materialise over the coming months.
Households borrowed an extra stg3.2bn secured against their homes
in July, down from the stg3.9bn change registered in June, the lowest
outturn since April. Net lending has been fairly stable over the past 12
months, however, with the annual growth rate of mortgage lending
unchanged at 3.2% in July - it has hovered around the 3%-mark ever since
Demand for unsecured borrowing, however, fell sharply in July. Net
consumer credit on the months fell to stg0.817bn in July from stg1.521bn
in June. That's the lowest outturn since April and considerable below
the average of stg1.5bn set over the past three years.
According to the Bank, this reflected both weaker credit card
lending and other loans and advances (which includes personal loans,
overdrafts and car finance) - at just stg0.2bn and stg0.6bn
The annual rate of consumer credit slowed to 8.5%. Wihtin this, the
annual growth of credit card lending was 8.9% whilst other loans and
advances grew by 8.5% y/y - the lowest rate since March 2015.
The money supply data showed money growth decelerating. M4
excluding other financial corporations was flat on the month to stand up
3.4% on the year, the lowest annual rate since November 2014. On a
three-month annualised basis M4 Ex OFC's was up 3.5%, level with the
outcome in June.
--London newsroom: 4420 7634 1624 e-mail: