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Free Access**MNI 5 THINGS: UK Mortgage Approvals Hit Six-Month High
By Jamie Satchithanantham and David Robinson
**LONDON (MNI) - The following are the key points from the January money
and credit data release published Thursday by the Bank of England:
- The data revealed mortgage approvals were up in January for only the
second time in the past six months, rising to a six-month high of 67,478. This,
however, follows December's near-three-year low of 61,692 and so some bounce
back was probably always inevitable. The bigger picture, as indicated by other
soft data surveys, remains one of a market lacking momentum.
- In the MPC's key judgements in the Feb Inflation Report the Bank stated
that between Q1 and Q3 2018 mortgage approvals would average around 65,000 per
month. The January data show an upside surprise but it remains to be seen
whether this is just a one-off or the start of a upward trend.
- Secured lending on dwellings rose by the weakest amount in nine months,
reflecting the soft number of approvals in previous months. There is evidence
that demand remains weak. The January RICs survey noted new buyer enquiries down
for the 10th straight month.
- After rising following the November 25bp hike average interest rates on
the stock of mortgages and new mortgages dipped in January to 2.53% from 2.55%
in December and to 1.96% from 2.02% respectively. However, quoted rates,
lenders' shop window rates, suggest mortgage interest rates could head up again.
The 3-year fixed 75% LTV rate rose to 1.70% from 1.69% previously.
- Consumers were reluctant to finance purchases via credit in January too,
with the change in unsecured credit the lowest since July (stg1.357bn). That
said, use of credit cards soared to the highest level since January 2005, up to
stg0.932bn in January from stg0.466bn in December. Use of 'other' means of
credit (overdrafts, etc.), on the other hand, sunk to the lowest level since
December 2014.
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: MABDS$,MAUDR$,MAUDS$,M$B$$$,M$E$$$,M$U$$$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.