UK net mortgage approvals rise unexpectedly in March
UK net mortgage approvals unexpectedly increased in March, the Bank of England reported on Friday.
Net mortgage approvals for house purchases increased to 63,500 in March from 62,700 in February, ahead of the FXStreet-cited consensus for a fall to 60,000.
March’s figure was above an average of around 63,200 for the previous six months.
The annual growth rate for net mortgage lending decreased to 3.0% in March from 3.4% in February.
Net borrowing of mortgage debt by individuals rose to £6.2 billion in March from £5.2 billion in February, and above the previous six-month average of £4.9 billion.
The ‘effective’ interest rate on newly drawn mortgages decreased to 4.03% in March from 4.10% in February.
Consumer credit net borrowing by individuals slightly decreased to £1.9 billion in March from £2.0 billion in February, but was higher than the previous six-month average of £1.8 billion.
Within this, net borrowing through credit cards remained unchanged from February at £700 million.
The net flow of sterling money, known as M4ex, increased to £22.1 billion in March from £14.2 billion in February.
The flow of sterling net lending to private sector companies and households, or M4Lex, increased to £20.8 billion in March following a £2.8 billion fall in February.
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