British mortgage approvals rose at their fastest pace since March 2008 in November and net mortgage lending grew by more than expected, Bank of England figures showed today.
Separate figures showed the BoE's preferred money supply gauge -- M4 excluding intermediate other financial corporations -- rose by 0.9 per cent, its fastest monthly pace since April, though it fell 2.2 per cent during the three months to November.
The Bank of England said mortgage approvals numbered 60,518 in November, rising from an upwardly revised 57,718 in October and more than double its record low of 27,162 set in November 2008. Analysts had forecast a reading of 58,000.
Net mortgage lending was also stronger than expected at £1.459 billion, its highest since February and well above the £0.9 billion which economists had expected.
Consumers repaid unsecured debt for a fifth consecutive month, but the £376 million repayment was less than the record £591 million repaid in October and a fraction below forecast.
Britain's central bank is due to complete a £200 billion quantitative easing programme, designed to boost credit and help kick-start growth, by early February. Recent signs of a pick-up in the economy have boosted expectations the BoE will not expand its QE programme any further.
Reuters