BBA Mortgage Approvals rose to 45,400

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Wednesday, Nov 25 2015

Gross mortgage borrowing in October was £12.9 billion, 26% higher than a year ago and the highest since August 2008. BBA Mortgage Approvals rose to 45,400. The number of mortgage approvals in October was 27% higher than a year ago, with remortgaging up 34% and house purchase up 21%. Bank lending to companies is polarised.

There is growth in lending to wholesale, retail and manufacturing sectors, while lending to the construction and real estate sectors is continuing to contract. Net capital market finance has grown by £18.2 billion in 2015 so far, with larger companies using that as an alternative to loans and overdrafts.

Sterling is currently being traded around 1.5070 area. Pair is likely to find support around 1.51 handle and resistance above 1.5150 level. Later today, in the US session, Prelim GDP and CB Consumer Confidence figures are scheduled for a release.

More in this category: « Construction Work Done fell 3.6% Risks from outside euro area rise, Financial Stability Review shows »

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