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UK mortgage approvals increased on a monthly basis in November for a second month in a row, numbers from the Bank of England showed on Thursday.
Net mortgage approvals for house purchases rose to 50,100 in November from 47,900 in October. This beat FXStreet-cited consensus of an increase to 48,500 approvals.
November’s figure follows a rise in approvals in October from September, which in turn snapped a three-month streak of declines.
Net approvals for remortgaging increased to 27,000 in November from 24,000 in October.
The effective interest rate on newly drawn mortgages picked up to 5.34% in November, from 5.25% in October. 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 £2.0 billion in November, up from £1.4 billion in October.
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