A certain Mr Claus had to watch the amount of houses on his hit-list increase in November as UK mortgage approvals hit a ten-month high.
While gross mortgage lending was ‘above the recent monthly average’ at 7.7 billion Pounds, the report also showed that in November the number of approvals granted by lenders grew from October’s 33,128 to 33,634, the highest level seen since January of this year.
Following October’s 89 million-pound increase, net mortgage lending increased by 164 million in November.
The statistics were compiled by the British Bank’s Association and hint at a re-establishing equilibrium in the home-loan sector.
David Dooks, the director of statistics for the BBA, commented that households are ‘continuing to repay virtually as much as they borrow and, as people hold on to cash, deposits are growing by 6 per cent annually. The situation is not dissimilar in the business world; businesses are holding back investment or expansion plans and building up cash reserves.’
Following the news the Pound was able to advance for a third day against major competitor the US Dollar.
As of 11:15 am
The Pound to Euro exchange rate is currently trading at 1.2207
The Pound to US Dollar exchange rate is currently trading at 1.6196
The Pound to Australian Dollar exchange rate is currently trading at 1.5602
The Euro to US Dollar exchange rate is currently trading at 1.3264
The Euro to Pound exchange rate is currently trading at 0.8189
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