–BOE: UK Sep House Purchase Approvals 50,967 vs 52,347 Aug
–BOE: Overseas Gilt Holdings Rose by stg12.012bln m/m in Sep
–BOE: UK Sep Net Mortgage Lending Change m/m stg346mn Vs stg523m Aug
–BOE: UK Sep Net Consumer Credit stg629mn; Vs stg478mn Aug
London (MNI) – Mortgage approvals fell in September, although less
far than analysts’ had expected and unsecured borrowing picked up.
The Bank of England personal lending data showed mortgage approvals
in September dropped to 50,967 from 52,347 in August, surpassing
analysts’ median prediction for a 50,000 outturn. The decline came
despite mortgage rates hitting new lows.
The BOE effective interest rate data showed the rate on outstanding
mortgages fell by 5 basis points on the month in September to 3.36%,
having been up at 3.45% back in June.
The record low borrowing rates had appeared to be boosting mortgage
demand, but after four consecutive monthly rises September saw a drop
back.
Unsecured credit growth picked up, with net consumer credit rising
to stg629 million from stg478 million in August, its highest outturn
since February.
Seasonally adjusted net mortgage lending showed modest growth. The
change in secured lending on the month in September was just stg346
million.
Broad money growth, on the BOE’s favoured measure excluding
intermediate other financial corporations, saw growth in September,
rising 0.2% on the month to stand up 4.9% on the year.
–London newsroom: +44 207 862 7491 e-mail: drobinson@marketnews.com
[TOPICS: M$B$$$,M$$BE$,MABDS$]
