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UK mortgage approvals surpassed forecasts in December

Date: Friday 30 Jan 2015

UK mortgage approvals surpassed forecasts in December

Total lending to individuals increased by 0.1% month-on-month, or by £2.2bn, in December to reach £1.466bn, the most recent data from the Bank of England revealed.
Mortgage lending grew by £1.6bn or by 0.1% versus the prior month to reach £1.297bn. Analysts had been expecting a reading of £1.9bn.

In the same month the number of mortgages approved for home purchase reached 60,275, up from 58,956 in November and compared to the 59,000 forecast by economists.

Last month consumer credit improved by £600m or 0.3% month-on-month to reach £168.8bn. This was also less than the £1.2bn projected by the number crunchers in the City.

The amount of net finance raised by private non-financial corporations (PNFCs) increased by £0.7bn in December, slowing down from the previous month's rise of £2.6bn as the amount of bonds issued decreased by £700m. Bond issuance in November was at £3.2bn.

Loans to non-financial businesses slowed to £435.3bn from £442.1bn. The amount of those going to small and medium-sized enterprises decreased to £167.1bn from £170.6bn or by 2.1% year-on-year.

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