UK Mortgage Approvals Fall for First Time Since May – BoE

British mortgage approvals declined in September for the first time in four months, but mortgage lending and consumer credit grew at the fastest rate in years, Bank of England data showed on Thursday.

Mortgage approvals for house purchases numbered 68,874 in September, down from a recent of 70,664 in August. Analysts in a Reuters poll had forecast 72,450 mortgage approvals were made last month.

Reflecting strong past mortgage approvals and buoyant consumer morale, overall lending grew at the fastest rate since December 2008, powered by robust growth in both mortgage lending and consumer credit.

Mortgage lending rose 3.595 billion pounds on the month, the biggest net increase since April 2008, and amounting to annual growth of 2.2 percent — the biggest rise since January 2009.

Consumer credit also beat expectations on the month, and chalked up annual growth of 8.2 percent, the fastest increase since February 2006.


Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.