Mortgage Approvals and Consumer Lending Slows in February

British banks approved the fewest mortgages in three months in February and consumer credit growth slowed slightly despite a jump in credit card borrowing, industry figures showed on Friday.

Britain’s economy grew strongly last year, but rising inflation since June 2016’s Brexit vote means most economists expect consumer demand to weaken through this year, while house prices are predicted to rise more slowly.

Banks approved 42,613 mortgages for house purchase last month, down from 44,142 in January and 4.6 percent less than in February 2016, the British Bankers’ Association said.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
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 Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. 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.