UK Mortgage Approvals Fall Slightly; Consumer Credit Drops

RTTNews | 65 dias atrás

(RTTNews) - UK mortgage approvals for house purchase decreased slightly in February, as changes in stamp duty from April 1 softened housing market activity, while consumer credit decreased from the last month, official data showed on Monday.

Mortgage approvals for house purchases decreased 600 to 65,500 in February, the Bank of England reported. This followed a decrease of 400 in January. Approvals were forecast to rise to 66,000.

The 'effective' interest rate, which is the actual interest paid on newly drawn mortgages, increased by 2 basis points to 4.53 percent in February.

Consumer credit declined to GBP 1.4 billion from GBP 1.7 billion in the previous month.

Net borrowing of mortgage debt fell by GBP 0.9 billion to GBP 3.3 billion, following an increase of GBP 0.8 billion in January. Net mortgage lending growth was broadly unchanged at 1.9 percent.

Meanwhile, gross lending increased to GBP 24.3 billion in February from GBP 21.7 billion in January. This was the highest since November 2022.

Further, data showed that companies repaid a net GBP 0.5 billion of loans, following a net borrowing of GBP 2.4 billion in January.

Today's data provide some green shoots of households starting to save less and spend a little more freely, Capital Economics economist Ashley Webb said. However, one month does not make a trend and GDP will probably remain restrained in the near term, the economist noted.

Marcadores : GBP

UK Manufacturing Sector Shrinks Sharply

The UK factory sector shrank further in May as the weak global demand, trade tensions and rising cost burdens weighed on production and new orders, the purchasing managers' survey results from S&P Global showed on Monday. The final manufacturing PMI rose to a three-month high of 46.4 in May from 45.4 in April. The reading was also above the flash estimate of 45.1.

RTTNews | 2 dias atrás

UK Mortgage Approvals Fall Unexpectedly; House Prices Rise

UK mortgage approvals declined unexpectedly to the lowest level in more than a year in April as stamp duty holiday ended in March, data from the Bank of England revealed Monday. Elsewhere, data from the mortgage lender Nationwide Building Society showed that house prices rebounded unexpectedly in May suggesting momentum in underlying demand. Approvals for home loans rose to 60,463 in May.

RTTNews | 2 dias atrás

UK Vehicle Manufacturing Logs Weakest Start To Year Since 2009: SMMT

UK automotive manufacturing registered its weakest start to a year since 2009, the Society of Motor Manufacturers & Traders, or SMMT, said Thursday. Car and commercial vehicle production decreased 15.8 percent on a yearly basis to 59,203 units in April. Auto production fell to the lowest level for the month since 1952, excluding 2020 when the first Covid lockdown effectively saw manufacturing c

RTTNews | 6 dias atrás

UK Retail Sales Growth Tops Expectations On Warm Weather

UK retail sales rebounded more than expected in April as good weather boosted food store sales, official data showed on Friday. A monthly survey today showed that British consumer confidence strengthened in May on hopes of easing trade tensions and the interest rate reduction by the Bank of England. Retail sales grew 1.2 percent on a monthly basis in April, following a revised 0.1 percent rise

RTTNews | 12 dias atrás

UK Inflation Strongest Since Early 2024 On Household Bills, Employer Tax

UK consumer price inflation accelerated sharply to the highest level in more than a year in April due to higher domestic bills and the hike in employers' taxes, official data revealed on Wednesday. The consumer price index rose by a bigger-than-expected 3.5 percent year-on-year in April, which was faster than the 2.6 percent increase in March, the Office for National Statistics reported.

RTTNews | 14 dias atrás

UK Economy Expands Most In A Year

The U.K. became the fastest growing economy in the G7 league as the country logged the biggest economic expansion in a year in the first quarter that exceeded expectations, thanks to a shift in trade activity ahead of the imposition of higher tariffs by the U.S. Gross domestic product expanded 0.7 percent sequentially, following a 0.1 percent growth in the previous quarter, the first estimate fr

RTTNews | 20 dias atrás

UK Labor Market Cools Down In Q1

The UK unemployment rate edged up and wage growth softened in the first quarter ahead of the rise in payroll taxes, official data revealed on Tuesday. The unemployment rate rose to 4.5 percent in the three months to March, in line with expectations, from 4.4 percent in the three months to February, the Office for National Statistics reported.

RTTNews | 22 dias atrás

UK Recruitment Activity Remains Weak In April

UK recruitment activity remained weak at the start of the second quarter as demand for staff deteriorated amid the rise in the salary inflation due to the increases in the national minimum and living wage rates, a report compiled by S&P Global showed Monday. Permanent staff appointments declined further amid reports of weak employer confidence and tighter hiring budgets.

RTTNews | 23 dias atrás

EURUSD	1.14163	GBPUSD	1.35466	AUDUSD	0.64979
USDJPY	142.907	USDCAD	1.36788	USDCHF	0.81867

Advertisement

UK Mortgage Approvals Fall Slightly; Consumer Credit Drops