Net borrowing of mortgage debt rose to £3.7 billion in November from £1.1 billion in October as mortgage approvals for house purchases remained unchanged at 67,000.
- November’s increase follows low net lending figures reported in October after borrowing was brought forward to September to take advantage of stamp duty land tax relief after it was completely phased out.
- Approvals for house purchases remained at 67,000 in November, the lowest level since June 2020, but close to the 12-month average of 66,700 up to February 2020.
- Approvals for remortgaging with a different lender grew to 44,500 in November. The figure remains low compared to the 12-month average up to February 2020 of 49,500.
The effective interest on newly drafted mortgages dropped to a new series low of 1.50% as the rate of the outstanding stock of mortgages also dropped to a new series low of 2.02%.
FTSE 100 up +1.41%, GBP USD up +0.04%Source: Bank of England