Mortgage approvals rise
UK mortgage approvals for house purchase and mortgage lending were at their highest since January last month, but Britons repaid their credit card bills at the fastest rate in more than five years, Bank data showed on Wednesday.
The central bank said mortgage approvals numbered 51,823 in April, up from 51,067 in March. Analysts had forecast a reading of 50,100.
Mortgage lending grew by £1.1bn compared with forecasts for a £950m lift.
However, the figures are still far weaker than the norm before the 2007-2008 financial crisis, when monthly mortgage approvals ran at around 90,000. The number of home sales has slumped since then and the property market has ceased to be a major driver of consumer spending.
Net lending to Britons rose by £1.4bnin April, down from an increase of £1.7bn in March.
Growth in consumer credit slowed much more sharply, dipping to a net increase of 268 million pounds in April. Analysts had predicted a £200m rise in consumer credit.
Britons repaid a net £118m on their credit cards – the biggest net repayment since August 2006.
The Bank’s preferred gauge of money supply, M4 excluding intermediate other financial corporations, climbed 0.7 per cent on the month after a 0.6 per cent rise in March.