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UK mortgage approvals rise in January; consumer credit growth slows

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UK mortgage approvals rise in January; consumer credit growth slows

Money supply in the U.K. increased by 0.5% in January 2018 from December 2017 and was up 5.1% from a year earlier, data from the Bank of England showed.

Broad money M4, which excludes intermediate other financial corporations, rose by £9.6 billion in January. The flow of households' M4 increased by £3.4 billion, and that of private non-financial corporations' M4 rose £1.6 billion.

Mortgage approvals for house purchases increased to 67,478 in January 2018 from 61,692 in the previous month, and remortgaging approvals climbed to 49,242 from 46,715.

The annual growth rate of consumer credit slowed to 9.3% in January from 9.5% in the prior month, with the monthly rate slowing to 0.7% from 0.8%. Secured lending grew at an annual rate of 3.3% in January, unchanged from the previous month.