Economic Buzz: UK Mortgage Approvals Decline To Lowest Level In More Than A Year In November

4 Jan 2022 , 04:42 PM

UK mortgage approvals declined to the lowest level in more than a year in November, while consumer credit increased at a faster pace, the Bank of England reported Tuesday. The number of mortgages approved in November declined to 66,964 from 67,103 in the previous month. This was the lowest since June 2020. The expected level was 65,400. Data showed that consumer credit increased by GBP 1.23 billion, following an increase of GBP 828 million in the previous month. The annual growth rate for all consumer credit increased to 0.4 percent from -1.0 percent in October, the first positive growth rate since March 2020.

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