–BOE: Feb M4 Ex-Intermediate OFCS 0.5% 1Q ann; 1.9% 4Q Ann
–BOE: UK Feb House Purchase Approvals 46,967 VS 46,152 In Jan
–UK Feb Net Mortgage Lending Stg1.245bln VS Stg1.891bln Jan
–UK Feb Net Consumer Credit Stg768mln VS -Stg303mln Jan
–BOE Final Feb M4 -0.3% 1m; -1.5% 12m
–BOE: Feb M4 Lending EX-IOFCS 0.4% 1m; 0.0% 12m
London (MNI) – The number of UK mortgage approvals edged up in
January with its key M4 Excluding Intermediate OFCS also rising on a
three-month annualised rate, the Bank of England reported Tuesday.
Mortgage approvals rose to 46,967 in January from 46,152 in
January. The February approvals number was in line with analysts’ 46,800
median forecast.
In value terms, mortgage lending fell to Stg1.245 billion from
Stg1.891 billion in January, in line with analysts’ Stg1.2 billion
median forcast.
Approvals are a good indicator of future activity, with lags of up
to six months before they feed through into actual borrowing. These data
support the view that the while the mortgage market remains somewhat
weak, it is not in freefall.
Unsecured borrowing rose sharply, with February net consumer credit
rising Stg768 million from a fall of Stg303 million in January. This was
above analysts’ median forecast for a flat outturn.
The BOE also issued M4 broad money data, which showed that on an
12-month annualised rate, money growth fell. M4 fell 0.3% at a monthly
rate and dropped 1.5% at an annualised rate in February. M4 lending rose
0.4% on the month and was flat on the year.
–London newsroom: 4420 747862 e-mail: ukeditorial@marketnews.com
[TOPICS: M$B$$$,M$$BE$,MABPR$,MT$$$$]