UK mortgage approvals rise for first time in 4 months, client lending falls

LONDON, (Reuters) – – The variety of mortgages accepted by British banks elevated for the primary time in 4 months throughout January, trade information confirmed on Monday, however lending to shoppers fell, reflecting warning amongst households.

Mortgage approvals rose to 40,117 from 36,085 in December, trade affiliation UK Finance mentioned.

Consumer credit score declined by zero.2 % in annual phrases in January – the primary drop since UK Finance’s new client credit score sequence began in April 2017.

British households have been hit by a squeeze of their spending energy after the 2016 Brexit vote pushed up inflation.

Net bank card lending amounted to simply four million kilos final month, down from 86 million in December and marking the weakest improve since April 2016.

“January saw higher levels of repayments on credit cards, which is expected at this time of year as customers pay off their festive spending,” mentioned Eric Leenders, managing director of private finance at UK Finance.

UK Finance mentioned funding ranges have been broadly unchanged as firms adopted a “wait and see” angle to uncertainty round buying and selling.

Official information final week confirmed business funding was stagnant within the final three months of 2017. Businesses have mentioned they’re reluctant to take a position earlier than understanding how the results of Britain’s talks to depart the European Union will pan out.

Reporting by Andy Bruce; modifying by William Schomberg

Our Standards:The Thomson Reuters Trust Principles.

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