Published by Global Banking & Finance Review®
Posted on January 3, 2025
1 min readLast updated: January 27, 2026
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UK mortgage approvals and consumer credit growth fell in November, signaling a slowing economy, according to Bank of England data.
(Reuters) - British lenders approved fewer mortgages than expected in November and consumer lending increased at the weakest pace since mid-2022, according to Bank of England data that chimed with other indications of a slowing economy.
Mortgage approvals fell to 65,720 mortgages in November from 68,129 in October, the lowest reading since August.
A Reuters poll of economists had pointed to approvals of around 68,500.
The data also showed a smaller-than-expected net increase in consumer lending, which fell to 878 million pounds ($1.09 billion) in November from 995 million pounds in October - marking the smallest increase since June.
The annual growth rate of consumer credit cooled in November to 6.6% from 7.3%, the slowest pace since June 2022, the BoE data showed.
($1 = 0.8064 pounds)
(Reporting by Andy Bruce; editing by William James and David Milliken)
The article discusses the decline in UK mortgage approvals and consumer credit growth, indicating a slowing economy.
Mortgage approvals fell to 65,720 in November, below expectations and the lowest since August.
The data suggests a slowdown in the UK economy, with weaker consumer lending and mortgage approvals.
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