UK Mortgage Approvals Jump 74,000 in January

Source: Bank of England

The number of mortgage approvals in the United Kingdom stood at 74,000 in January, increasing from 71,000 posted in December 2021. FTSE 100 down -0.85%, GBP USD down -0.12%

• Approvals for remortgaging rose to 46,200. Net borrowing of mortgage debt surged from £4 billion in December 2021 to £ 5.9 billion in January.
• Individuals borrowed £0.6 billion in consumer credit. Small and medium-sized non-financial businesses reported £0.8B as large businesses borrowed £1.7B from banks, rising from £0.3B borrowed in December by large businesses.
• The annual growth rate for consumer credit rose to 3.2% in January from 1.5% in December. The annual growth rates of credit cards and other forms of consumer credit were 6.2% and 2.0%, respectively.
• Sterling money rose by £10.2 billion in January compared to a £0.5 billion drop in December.

Households’ holding of money expanded with net flows of £7.7 billion compared with £2.7 billion in December.