Car Finance Drives Net Consumer Credit To...>

UK DATA: Car Finance Drives Net Consumer Credit To 6-Month Low               

--BOE: UK Sep House Purchase Approvals 65,269 vs Aug 66,101   

--BOE: UK Sep Net Consumer Credit stg0.785bn vs Aug stg1.215bn  

--BOE: UK Sep Net Mortgage Lending stg3.892bn vs Aug stg3.101bn   

--BOE: UK Sep M4 Ex-intermediate OFCS Unch m/m; 1.1% 3m Annualised         

--BOE: UK Sep Effective Rate New Secured Loans Unch At 2.10%    

--------------------------------------------------------------------- 

Net consumer credit plunged in September to stg0.785bn, below the 

six-month average of stg1.2bn. Driving the fall from August's stg1.215bn 

reading was a sharp fall in new borrowing for car finance, in line with 

the weak car registration numbers in September. This facilitated a  

stg0.4bn drop in other loans and advances. Mortgage approvals also 

fell from Aug's seven-month high to 65,269. However, the reading 

remains above the drop in July to 65,046. For the fourth month in a row, 

the rate on consumer overdrafts remained at its highest since Oct 2017.