UK mortgage approvals rose markedly in November

According to the report from UK Finance, gross mortgage lending across the residential market in November 2019 was £23.1 billion, 3.3 per cent lower than in the same month in 2018.

Mortgage approvals for home purchases by the main high street banks in November 2019 were 6.8 percent higher, remortgage approvals were 12.7 per cent higher while approvals for other secured borrowing were 4.2 per cent lower than in the same month in 2018.

The £10.9 billion of credit card spending in November 2019 was 3.3 per cent lower than in November 2018. Repayments have remained in line with credit card spending showing that consumers are managing their finances responsibly and choosing to use credit cards as a preferred method of payment. The level of credit card borrowing grew by 2.2 per cent in the year to November 2019.

Personal borrowing through loans in November 2019 was 3.6 per cent higher than in the same month a year earlier. Borrowing on overdrafts has declined over recent years with November 0.8 per cent lower than in the same month in 2018.

Personal deposits grew by 2.6 per cent in the year to November 2019. Three-quarters of deposits were held in immediate access accounts in November 2019, in line with the same period last year.