UK Mortgage Approvals Decline in March

In a recent report by the Bank of England, mortgage approvals for house purchases in the United Kingdom experienced a slight decrease, falling to 64,300 in March from 65,100 in February.

Remortgaging and Consumer Credit Trends

Contrasting the dip in house purchase approvals, remortgaging approvals saw an uptick, rising to 33,400 in March from 32,400 the previous month. Meanwhile, consumer credit stood at £0.9 billion, a decrease from February's £1.3 billion, with the annual growth rate for all consumer credit also dropping to 6.1% from 6.4%.

Changes in Personal Loans and Mortgage Debt

The report also highlighted a 51 basis points drop in the effective rate on new personal loans to individuals, settling at 8.40%. Additionally, individuals borrowed £1 billion of mortgage debt, marking a significant financial activity in the housing market.