UK mortgage approvals declined to the lowest in one-and-a-half years in December, the Bank of England reported Friday.
Net mortgage approvals for house purchase fell by 3,100 to 61,013 in December. This was the lowest since June 2024.
The 'effective' interest rate, which is the actual interest paid on newly drawn mortgages decreased to 4.15 percent in December from 4.20 percent in November.
Consumer credit fell to GBP 1.5 billion in December from GBP 2.1 billion in November. Nonetheless, the annual growth in consumer credit remained unchanged at 8.2 percent.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.