UK August mortgage approvals 84.7k vs 71.3k expected

Author: Justin Low | Category: News

Latest data released by the BOE - 29 September 2020

  • Prior 66.3k
  • Net consumer credit £0.3 billion vs £1.5 billion expected
  • Prior £1.2 billion
Slight delay in the release by the source. Mortgage approvals jump to their highest since October 2007 in yet another sign that the housing market has rebounded rather strongly from the lockdown measures seen in Q2.

However, the details of the report are less bright with consumer lending i.e. consumer credit in August falling by 3.9% y/y - the biggest on record.

That hints that despite the recovery in economic activity seen over the past few months, credit conditions aren't suggesting the same and that could stifle the pace and sustainability of the recovery in the bigger picture.
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