British mortgage approvals fell silghtly more than expected in January but consumer and mortgage lending picked up more than forecast, new Bank of England figures show.
Total mortgage approvals for house purchase numbered 48,198 in January, down from 58,223 in December and weaker than analysts' forecasts of 50,000. The BoE said that the decline could have been partly due to bad weather and the end of an exemption in stamp duty tax for cheaper houses.
Consumers borrowed £500 million in January, the highest amount since November 2008, while mortage lending at £1.529 billion picked up almost twice as fast as expected.
Separate figures showed the BoE's preferred money supply gauge -- M4 excluding intermediate other financial corporations -- was flat on the month, an improvement on December's 0.5 per cent decline.
Reuters