Tuesday, April 29, 2008
Mortgage approvals 64,000
Posted by David Smith at 09:45 AM
Category: Thoughts and responses

Mortgage approvals in March hit a new series low of 64,000, down from 72,000 in February (itself revised down) and an average of 81,000 over the previous six months. Though the figure was weak, it was perhaps not as weak as it could have been given earlier data from the British Bankers' Association. Total approvals, including remortgaging, dropped from 243,000 to 220,000. In cash terms lending was 6.9 billion, and the growth rate slowed from 9.4% to 9.1%. Other consumer credit rose by 1.2 billion, a more normal figure after February's 2.3 billion jump which got everybody excited. But this was enough to put the growth rate of consumer credit up from 6.5% to 6.7%. Details are here.