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U.K. March Mortgage Approvals Increase Unexpectedly: BoE

5/2/2012 4:55 AM ET

U.K. mortgage approvals increased unexpectedly in March, the Bank of England said Wednesday.

The number of mortgages approved in March totaled 49,860 compared to 49,029 a month ago. The expected level for March was 48,000.

Total lending to individuals rose GBP 1.4 billion on a monthly basis in March, compared to GBP 1.3 billion increase in February. Within total lending, lending secured on dwellings rose GBP 1 billion after increasing GBP 1.1 billion in the prior month.

Consumer credit increased GBP 0.4 billion or 0.2 percent from the prior month. The twelve-month growth rate was unchanged at 2.1 percent in March.

A separate report showed that M4 money supply dropped 5 percent annually in March compared to a 4.1 percent fall in February. On a monthly basis, it fell at a slower pace of 0.8 percent, following February's 1.9 percent drop.

by RTT Staff Writer

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