MNI: 5 Things We Learned From Nov BOE FPC Financial Stability Report>

     By Jamie Satchithanantham and David Robinson

     LONDON (MNI) - The following are the key points from the October 

money and credit data release published Wednesday by the Bank of 

England: 

     - House purchase approvals, a leading indicator of future 

housing market activity, fell for the third straight month 

in October, down to 64,575 from 66,111 in September. This was the lowest 

number of approvals since September 2016.

     - Within unsecured credit growth, which fell to its lowest level in 

three months in October, credit card growth was also squeezed. It stood 

at stg0.259bn in October, down from stg0.617bn in September, the lowest 

level since December 2016. Growth in unsecured credit has trended 

downwards since the turn of the year.   

     - Broad money increased by stg3.6bn in October with the 

3m-annualised growth rate, the BOE's preferred measure, of 5.4% the 

highest since June. 

     - Net secured lending grew by stg3.392 in October. Though this is 

broadly unchanged from the stg3.752bn growth seen in September it was 

the lowest outturn since April and, combined with the approvals data, 

depicts a housing market lacking much impetus.    

     - Although average effective interest rates on completed mortgages 

hit new lows in October, quoted rates are showing signs of picking up. A 

typical 2 year 75% LTV mortgage rate picked up to 1.55% in October, the 

highest since September 2016.      

     e-mail: jamie.satchithanantham@marketnews.com 

[TOPICS: M$B$$$,M$$BE$]