Mortgage approvals for house purchases declined in November but stayed above the 12-month average. Meanwhile, consumer credit growth slowed, credit card borrowing decreased, and household deposits saw a slight increase. Experts suggest this indicates a seasonal slowdown in savings and potential market fluctuations.
The number of mortgage approvals made to home buyers dipped in November, but remained above the monthly average seen over the past year, according to Bank of England figures. Some 65,700 mortgage approvals for house purchases were recorded in November, which was around 2,400 lower than October but above the previous 12-month average of 60,400. Approvals for remortgaging decreased by 300 to 31,200 in November but remained above the previous 12-month average of 30,000.
“Savers had been squirreling away cash ahead of the Budget, and after the announcement didn’t hit quite as hard as they had feared, they took their foot off the savings accelerator.” Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “Mortgage approvals for new purchases slipped, which comes as a surprise and suggests ups and downs for the market in coming months rather than a steady improvement.
Mortgage Approvals Consumer Credit Savings Housing Market Interest Rates
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