UK mortgage approvals declined to the lowest in one-and-a-half years in December, the Bank of England reported Friday.
Net mortgage approvals for house purchase fell by 3,100 to 61,013 in December. This was the lowest since June 2024.
The ‘effective’ interest rate, which is the actual interest paid on newly drawn mortgages decreased to 4.15 percent in December from 4.20 percent in November.
Consumer credit fell to GBP 1.5 billion in December from GBP 2.1 billion in November. Nonetheless, the annual growth in consumer credit remained unchanged at 8.2 percent.
Net borrowing of mortgage debt by individuals remained unchanged at GBP 4.6 billion in December compared to November.
Further, UK businesses borrowed a GBP 1.0 billion from banks and building societies, following net borrowing of GBP 6.2 billion in November, data showed.
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