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-BOE UK March house purchase approvals 62,914 vs 63,781 Feb
LONDON (MNI) - Bank of England data showed that consumer credit
growth in March was the slowest since November 2012.
Net consumer credit, a measure of unsecured borrowing growth, fell
to just stg254 million in March after expanding by stg1.660 billion in
February. The declines was driven both higher repayments and weaker
demand, at a time when surveys have shown consumer confidence is
Secured lending growth was little changed in March. The net
change in secured lending was stg3.968 billion, up from stg3.887 billion
Mortgage approvals, a reliable indicator of future secured
borrowing, dipped to 62,914 in March from 63,781 in February. This was
below the previous six month average of 64,544 and points to some
cooling in the housing market.
Bank director Alex Brazier recently told officials at the Treasury
Select Committee that the headline mortgage numbers reflected
substantial fall in buy-to-let mortgages being, at least partially,
offset by strong owner occupier demand.
Average interest rates on new mortgages edged higher in March. The
average effective rate on new loans was 2.04%, up from 2.02% in
The average effective rate on the stock of mortgages held steady in
March from February at 2.51%, the lowest on record.
The leading BOE quoted rates data, which show "shop window"
mortgage rates, showed small montly rises across a wide range of
products in March, suggesting effective interest rates have further to