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.
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Source: Bank of England