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Mortgage approvals continue to bounce from summer low, says BoE

Staff Writer |
UK mortgage approvals and total levels of consumer credit rose more than expectedly in October, according to Bank of England.

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The BoE said that 67,518 mortgages for house purchases had been approved last month, up from 63,594 in the preceding month and August's 18-month low of 61,381, as well as topping the 65,000 consensus forecast.

Nevertheless, October's mortgage approvals were down 3.3% year-on-year from the same month in 2015 and were 7.4% below January's peak of 72,944.

The value of mortgage activity rose to £12bn from £11.2bn the month before, while re-mortgages also increased, to 43,513 in October from 42,606 in September and above the average of 42,115 over the previous six months.

Meanwhile, total consumer credit rose to £1.62bn in October, from £1.48bn the month before and above the £1.50bn consensus estimate.

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