11/30/2020, 10:31 AM (Source: TeleTrader)
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UK mortgage approvals rise to 97,500 in October

The number of approvals for mortgages for house purchase in the United Kingdom jumped by 6,000 on a monthly basis to land at 97,500 in October, according to the Bank of England's (BoE) report released on Monday.

The surge in mortgage approvals marked the sharpest increase since September 2007, the report read and added that approvals for remortgaging stood unchanged compared to the previous month.

Net mortgage borrowing decreased from £4.9 billion recorded in September, to land at £4.3 billion in the tenth month of 2020, while consumer credits amounted to £0.6 billion, which UK's central bank described as "weak." During the same period, UK businesses borrowed £7.8 billion from financial markets.

Breaking the News / BU