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UK Mortgage Approvals Highest Since 2007

Ahead of second lockdown, UK mortgage approvals increased unexpectedly to reach its highest level since 2007, the Bank of England reported Monday.

The number of mortgage approvals for house purchase climbed unexpectedly to 97,500 in October from 92,100 in September. Economists had forecast approvals to fall to 84,490.

This was the highest number of approvals since September 2007 and was 33 percent higher than approvals in February 2020.

Secured lending decreased to GBP 4.3 billion from GBP 4.9 billion a month ago.

Data showed that consumer credit remained weak in October, with households making net repayments of GBP 0.6 billion.

Net lending to private sector companies and households totaled GBP 7.3 billion in October, up from GBP 2.9 billion net lending in September.

The M4 money supply gained 0.6 percent on month taking the annual growth to 12.9 percent in October.

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