–BOE Jan M4 Ex-intermediate OFCS +4.9% 1Q Ann; +2.1% 4Q Ann
–BOE: UK Jan House Purchase Approvals 45,723 vs 42,719 Dec
–BOE: UK Jan Net Mortgage Lending stg1.801bn vs -stg0.268bn Dec
–BOE: UK Jan Net Consumer Credit -stg333mln vs stg793mln Dec
–BOE: Jan Final M4 Up 0.8% 1m; Down 1.7% 12m
–BOE: Jan M4 Lending up 0.2% m/m; down 3.7% y/y
–BOE: Jan 12-Month Rate Final M4 Posts Sharpest Fall Since July ’83
London (MNI) – The number of UK mortgage approvals in January edged
up in January, the Bank of England reported Tuesday.
Mortgage approvals rose to 45,723 in January from 42,719 in
December. The January approvals number was above analysts’ 43,000 median
forecast.
January secured lending also rise sharply, increasing at its
fastest pace since February 2010 2005. In value terms, mortgage lending
rose to Stg1.801 billion from -stg0.268 billion in December.
Approvals are a good indicator of future activity, with lags of up
to six months before they feed through into actual borrowing. These data
support the view that the while the mortgage market remains somewhat
weak, it is not in freefall.
Unsecured borrowing fell, with January net consumer credit dropping
stg333 million from a rise of stg793 million in December. This was
above analysts’ median forecast for a stg800 million outturn.
The BOE also issued M4 broad money data, which showed that on an
12-month annualised rate, money growth fell to its lowest level since
the series began. M4 rose 0.8% at a monthly rate and fell 1.7% at an
annualised rate in January. M4 lending rose 0.2% on the month to stand
up down 3.7% on the year.
–London newsroom: 4420 747862 e-mail: ukeditorial@marketnews.com
[TOPICS: M$B$$$,M$$BE$,MABPR$,MT$$$$]
