UK Mortgage Approvals See a Slight Decline

In a recent update from the Bank of England, mortgage approvals for house purchases in the UK have seen a slight decrease, dropping to 65,500 in February from 66,100 in January. This subtle shift signals a potential cooling in the housing market.

Remortgaging and Consumer Credit Trends

Approvals for remortgaging also experienced a downturn, falling to 32,000 in February from 32,800 the previous month. Meanwhile, consumer credit stood at £1.4 billion, a decrease from January's £1.7 billion, with the annual growth rate holding steady at 6.4%.

Changes in Personal Loan Rates

The effective rate on new personal loans to individuals saw an increase, rising by 12 basis points to 8.91%. Additionally, individuals borrowed £3.3 billion in mortgage debt, highlighting the ongoing demand for housing finance despite the slight drop in approvals.