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UK mortgage borrowing growing at the slower pace

Monday, Sep 26 2016

The High Street Banking statistics published today point to a softer housing market, strong consumer credit and slightly weaker business borrowing in August. The data was collected before the Bank of England reduced interest rates to 0.25% and so give an indication of some of the underlying pressures that the MPC was responding to when it made this decision.Mortgage borrowing is growing at a slower pace than it has for the last few months reflecting both the slowdown in housing market growth after the April spike and broader trends in the sector.

Given the low interest rate environment and high levels of confidence during the summer, the strong credit growth can be interpreted as strong consumer sentiment. Company deposits grew at an annual rate of 3.8% in August 2016 compared to 9% in August 2015 suggesting that companies may be using their own internal resources to fund working capital and growth requirements.

 

Sterling is currently being traded around 1.2960 handle. Pair is likely to find support around 1.29 area and resistance above 1.30  level.

More in this category: « German Ifo Business Climate at the highest level since 2014 New Home Sales fell less than expected »

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