Mortgage Approvals on the Rise

The United Kingdom witnessed an encouraging uptick in mortgage approvals for house purchases, with figures climbing by 900 to reach 64,200 in June, as detailed in the latest report from the Bank of England.

Remortgaging at Its Highest

In a parallel development, approvals for remortgaging saw an increase of 200, totaling 41,800 in June. This marks the highest level observed since October 2022, signaling a robust activity in the housing market.

Consumer Credit Growth

Net borrowing for consumer credit also showed a significant rise, standing at £1.4 billion in June compared to £0.9 billion in May. The annual growth rate for all consumer credit escalated to 6.7% during the reported month.

Changes in Personal Loans

The effective rate on new personal loans to individuals experienced a decline, dropping by 30 basis points to 8.42%. Meanwhile, individuals took on £5.3 billion of mortgage debt, reflecting the dynamic nature of personal finance in the current economic climate.