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Mortgage Approvals At Highest Since 2007

UK DATA
MNI (London)

SEP NET CONSUMER CREDIT -GBP0.622BN VS AUG GBP0.285BN
SEP MORTGAGE APPROVALS 91,454 VS AUG 85,530

SEP NET CHANGE SECURED LENDING GBP4.827BN, AUG GBP3.031BN

  • Mortgage approvals increased once again in Oct, rising to the highest level since Sep 2007 and net mortgage borrowing was GBP4.8bn in Sep, up from GBP3.0bn recorded in Aug.
  • Mortgage approvals in Sep were 24% higher than in Feb, while approvals for remortgages were 38% below Feb's level.
  • Net consumer credit weakened in Sep as consumers were making net repayments of GBP 0.6bn after having shifted to positive territory in the previous month.
  • As a result the annual growth rate of of consumer credit ticked down further to -4.6%, marking a new series low.
  • The interest rate on overdrafts rose again in Sep to 22.52% which is a new series high, while interest rates on new consumer credit and credit card borrowing stagnated.
MNI London Bureau | +44 203-865-3814 | irene.prihoda@marketnews.com

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