UK Mortgage Approvals See a Slight Decline

The Bank of England reported a decrease in mortgage approvals for house purchases in the United Kingdom, dropping to 65,500 in February from 66,100 in January. This subtle yet notable decline signals a cooling in the housing market.

Remortgaging and Consumer Credit Trends

Approvals for remortgaging also saw a reduction, 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%.

Interest Rates and Borrowing

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