Belfast Telegraph

Mortgage approvals on slide, says Bank of England

By Vicky Shaw

The number of mortgage approvals made to home buyers fell to its lowest levels in almost a year-and-a-half in November, the Bank of England has reported.

Some 59,029 approvals for home loans with a value of £9.6bn were recorded for house purchase, marking the lowest monthly total since June 2013.

Meanwhile consumer credit, which is made up of people's borrowing on credit cards, loans and overdrafts, saw its strongest increase since early 2008 in the run-up to Christmas.

Consumer credit increased by £1.3bn in November, which is higher than the average monthly increase of £1bn seen over the previous six months and the largest upswing seen since a £1.4bn increase in February 2008.

The figures, contained in the Bank's Money and Credit report, echo findings from the British Bankers' Association (BBA) which were released last month.

The BBA found that the number of mortgage approvals made to home buyers slid by a fifth in November compared with the same month last year as a "sharp chill" set into the housing market.

Belfast Telegraph