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UK mortgage approvals increased on a monthly basis in October, though there was a slight increase in borrowing costs, numbers from the Bank of England showed Wednesday.
Net mortgage approvals for house purchases totalled 47,400 last month, rising from 43,700 in September. October’s figure was above the FXStreet cited consensus of a lesser increase to 45,000.
October’s figure snaps a three-month streak of declines in mortgage approvals.
Net approvals for remortgaging increased to 23,700 in October from 20,600 in September.
The effective interest rate on newly drawn mortgages picked up to 5.25% in October, from 5.01% in September. That rate has picked up every month since February of last year.
The BoE’s own benchmark interest rate is currently 5.25%, where it has stood since August.
The UK central bank noted net borrowing of consumer credit by individuals totalled to £1.3 billion in October, down from £1.4 billion in the previous month.
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