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Mortgage Approvals and Consumer Lending Slows in February

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British banks approved the fewest mortgages in three months in February and consumer credit growth slowed slightly despite a jump in credit card borrowing, industry figures showed on Friday.

Britain’s economy grew strongly last year, but rising inflation since June 2016’s Brexit vote means most economists expect consumer demand to weaken through this year, while house prices are predicted to rise more slowly.

Banks approved 42,613 mortgages for house purchase last month, down from 44,142 in January and 4.6 percent less than in February 2016, the British Bankers’ Association said.

Reuters

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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