UK Mortgage Approvals Hit 13-Year High

British lenders approved the highest number of mortgages since September 2007 last month, unexpectedly extending a post-lockdown surge, but there was a record drop in unsecured lending to consumers, Bank of England data shows. Mortgage approvals for house purchase jumped to 91,454 in September from August’s already-high reading of 85,530, exceeding all forecasts in a Reuters poll of economists that had instead pointed to a decline. Activity in Britain’s housing market has rebounded sharply since the end of lockdown restrictions and was further fuelled when finance minister Rishi Sunak temporarily suspended property purchase taxes in July. Read more on the Reuters website.

https://uk.reuters.com/article/uk-britain-economy-consumercredit/uk-mortgage-approvals-hit-13-year-high-consumer-lending-slides-idUKKBN27E1G3