Mortgage Approvals At Highest Since Feb.....>

UK DATA: Mortgage Approvals At Highest Since Feb 2016

- JAN Net Consumer Credit GBP1.230bn vs DEC GBP1.337bn  

- JAN Mortgage Approvals 70,888 vs DEC 67,930

- JAN Net Secured Lending GBP4.007 vs DEC GBP4.400bn

- JAN M4 +0.6% m/m, 4.7% y/y vs DEC +0.1% m/m, +3.8% y/y

- JAN M4 ex-IOFCs +0.4% m/m, +4.3% y/y vs DEC +0.3% m/m, +3.8% y/y

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Mortgage approvals increased to 70,888 in Jan, the highest since Feb 

2016. The average interest rate on new mortgages in Jan ticked down to 

1.85%, which is the lowest since series began. The net flow of consumer 

credit was GBP1.230bn in Jan, slighly lower than Dec's GBP1.337bn. The 

annual growth rate of net consumer credit remained at 6.1% in Jan, where 

it stabilised after the downward trend seen over the past three years. 

Meanwhile, credit cards interest on balance transfers jumped to a record 

high in Jan of 13.18% while credit card interest rose to 18.52%, the 

highest since September 2019.