Mortgage approvals continue to bounce from summer low, says BoE
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. ■