–BOE Feb M4 Ex-Intermediate OFCs 0.3% m/m; -1.0% 3m ann.
–BOE: UK Feb House Purchase Approvals 47,094 Vs 48,099 Jan
–BOE: UK Feb Net Mortgage Lending Stg1.586bn Vs Stg1.536bn Jan
–BOE: UK Feb Net Consumer Credit Stg528mln Vs Stg349mln Jan
–BOE: Feb M4 Up 0.2% m/m; Up 3.9% y/y
–BOE: Feb M4 Lending Up -0.2% m/m; Up 4.4% y/y
–BOE: UK Feb Net Consumer Credit Highest Since Nov 2008
–BOE: UK Mortgage Approvals Lowest Since May 2009

London (MNI) – Mortgage approvals continued to languish through
February, with the total of approvals falling to its lowest level since
May last year, the latest BOE lending data show.

Approvals fell to 47,094 in February from the 48,099 seen in
January, just below the 48,000 anticipated by analysts. It been had
expected that the series would remain weak through last month following
the ending of stamp duty relief.

Consumer credit, on the other hand, showed a sharp bounce, rising
stg528mn on the month following an increase of stg349mn in January and
net mortgage lending rose stg1.586bn last month – its highest since
December 2008.

The data continue to show a picture of a sharp deterioration in
housing market demand offset by an increase in consumer credit.

BOE officials have previously said that the bad weather and the end
of Stamp Duty relief at the start of the year had impacted mortgage

The data also showed some disappointing renewedBOE’s favoured measure of broad money growth.

M4 excluding intermediate other financial corporations, a measure
which aims to strip out intra-financial sector money flows, rose
0.3% on the month in February but was 1.0% lower on a 3 month
annualised basis.

–London newsroom: 4420 7634 1624 email: dthomas@marketnews.com

[TOPICS: M$B$$$,M$$BE$,MABPR$,MT$$$$]