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Mortgage approvals drop
The number of loan approvals for house purchase in January, at 48,198, was lower than the December figure of 58,223, according to the latest data from the Bank of England.
January’s numbers were also below the previous six-month average of 55,924, according to the data. Approvals for remortgaging (23,611) and for other purposes (23,035) were also lower than in December and lower than their respective six-month averages.
Total net lending to individuals rose by £2.0 billion in January and the twelve-month growth rate ticked up to 0.8%. The three-month annualised growth rate was 1.3%, a 0.4% increase from a revised 0.9% for December.
Within the total, net lending secured on dwellings increased by £1.5 billion, above the December increase of £1.2 billion and the previous six-month average of £1.0 billion. The twelve-month growth rate ticked up to 1.0%, from 0.9% in December. The three-month annualised growth rate rose to 1.4%.
