UK Mortgage Approvals See Slight Decline

In a recent report released by the Bank of England, mortgage approvals for house purchases in the United Kingdom experienced a slight decrease, dropping to 65,500 in February from 66,100 in January. This subtle shift signals a potential cooling in the UK housing market.

Remortgaging and Consumer Credit Trends

Similarly, approvals for remortgaging saw a decline, falling to 32,000 in February from 32,800 the previous month. On the consumer credit front, figures stood at £1.4 billion in February, a decrease from January's £1.7 billion, with the annual growth rate holding steady at 6.4%.

Rising Personal Loan Rates

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