UK Mortgage Approvals Show a Slight Decrease in February

The Bank of England has reported a slight decrease in mortgage approvals for house purchases in the United Kingdom, falling to 65,500 in February from 66,100 in January.

Remortgaging and Consumer Credit Also See Declines

Approvals for remortgaging also decreased, dropping to 32,000 in February from 32,800 the previous month. Meanwhile, consumer credit stood at £1.4 billion, down from £1.7 billion in January, with the annual growth rate remaining stable at 6.4%.

Interest Rates on Personal Loans Rise

The effective rate on new personal loans to individuals saw an increase of 12 basis points to 8.91%. Despite this, individuals borrowed £3.3 billion in mortgage debt, indicating continued activity in the housing sector.