UK Mortgage Approvals Decline Slightly in February

In a recent announcement by the Bank of England, it was reported that mortgage approvals for house purchases in the UK slightly decreased to 65,500 in February, down from 66,100 in January.

Remortgaging and Consumer Credit Also Show Decreases

Approvals for remortgaging saw a reduction to 32,000 in February from 32,800 the previous month. Additionally, consumer credit stood at £1.4 billion, a decrease from £1.7 billion in January, with the annual growth rate remaining steady at 6.4%.

Rates and Borrowing Trends

The effective rate on new personal loans to individuals experienced a slight increase, rising by 12 basis points to 8.91%. Meanwhile, individuals borrowed £3.3 billion in mortgage debt, indicating ongoing activity in the housing market despite the slight downturn in approvals.