UK Mortgage Approvals Fall in October

UK mortgage approvals posted a surprise fall in October from September, British Bankers Association data showed.

October mortgage approvals fell to 42,808 from 43,182 in September. While only a handful of analysts forecasts the BBA data, the consensus was for another rise in October to some 45,000.

The data still show the pick-up in housing market activity of late, as the 42,808 outturn was still the second highest reading since back in January 2008 but it ends a run of seven consecutive monthly rises.

The BBA high street lending data showed UK consumers still have negligible appetite to increase unsecured borrowing. Net seasonally adjusted credit card credit was up just stg34 million on the month in October.

Overall M4 lending shrunk in October, declining stg9.261 billion, the largest fall since April.

via Deutsche Borse

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza