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    Home » UK Mortgage Approvals Slips in February as Interest Rates Began Rising
    Forex News

    UK Mortgage Approvals Slips in February as Interest Rates Began Rising

    March 29, 20221 Min Read
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    UK mortgage approvals dropped to 71,000 monthly in February from 73,800 in January.

    • That figure is above the pre-pandemic estimate of 66,700 in the 12 months to February 2020.
    • Monthly individual net borrowing of mortgage debt in February stood at £4.7 billion, falling from £5.9 billion in January.
    • The effective interest rate on newly signed mortgages increased by one basis point to 1.59% in February after the MPC’s decision to hike interest rates to 0.5%.
    • The average annual growth of consumer credit grew to 4.4% in February from 3.2% reported in January.

    The annual growth rates of credit card borrowing and other types of consumer credit were 9.4% and 2.4%, accordingly.

    FTSE 100 up +1.36%, GBPUSD up +0.14%

    Source: Bank of England

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