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By Jamie Satchithanantham and David Robinson
LONDON (MNI) - The following are the key points from the November
money and credit data release published Thursday by the Bank of
- House purchase approvals rebounded from October's two-year-plus
low in November to break a run of three successive monthly declines.
Approvals rose by 65,139 in Nov, up from 64,887 in Oct (the weakest
showing since Sep 2016). The softness in housing market activity is
still evident - with the October approvals outturn below both
September's reading and the six month average.
- Fixed rate mortgages offered in November were cheaper than in
October but overall mortgage borrowing became more expensive. Average
two, three and five year quoted fixed rate mortgages were all a touch
lower, with the average interest rate on a three year 75% LTV mortgage
1.68% versus 1.69%. The average rate on effective new mortgage business,
that is mortgages taken out during the month, rose to 1.99% from 1.92.
- Media reports of excessive unsecured borrowing look overblown.
Net consumer credit rose stg1.400bn in November up from stg1.362bn in
October but below stg1.412bn in September.
- Broad money growth was subdued. The 3.4% 3m annualised rise in
November M4 excluding intra-financial sector lending was down from 5.4%
- The data overall are consistent with evidence of a subdued
housing market and unspectacular credit and money growth.