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02:01am	DIARY-Top Economic Events to September 30	RE
15/07	Mosman Oil and Gas Limited Announces Production Results for the Three Months and Year Ended June 30, 2024	CI

UK mortgage approvals rise in December for third month in row

January 30, 2024 at 03:20 pm IST

(Alliance News) - UK mortgage approvals increased on a monthly basis in December, while the effective interest rate on newly drawn mortgages fell, according to numbers from the Bank of England on Tuesday.

Net mortgage approvals for house purchases rose to 50,500 in December from 49,300 in November. This was lower than FXStreet-cited market consensus of an increase to 52,500 approvals.

Net approvals for remortgaging increased to 30,800 in December from 25,700 in November.

The effective interest rate on newly drawn mortgages eased to 5.28% in December from 5.34% in November. This marked the first drop in actual interest paid since November 2021.

The BoE's own benchmark interest rate is currently 5.25%, where it has stood since August.

According to the UK central bank, net borrowing of consumer credit by individuals fell to GBP1.2 billion in December from GBP2.1 billion in November.

By Holly Beveridge, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
EURO / BRITISH POUND	0.8401 GBX	-0.02%	-0.65%	-
US DOLLAR / BRITISH POUND	0.772 GBX	+0.11%	-1.28%	-
CANADIAN DOLLAR / BRITISH POUND	0.5638 GBX	+0.01%	-1.71%	-
AUSTRALIAN DOLLAR / BRITISH POUND	0.5201 GBX	-0.22%	-1.40%	-
INDIAN RUPEE / BRITISH POUND	0.009234 GBX	+0.04%	-2.13%	-

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