October slowdown for mortgage market
Bank of England figures reveals that banks and building societies made 64,602 approvals for mortgages in October – 2% lower than the previous month and the weakest since March. The average rate on new mortgages is 1.96%, compared to the 2.39% average on existing home loans. Meanwhile, the pace of non-mortgage borrowing has accelerated for the first time in over a year. Britain’s annual rate of consumer credit was measured at 6.1% in the year to October, up from 5.9% in the year to September. However, borrowing was still well below the 10.9% peak in November 2016.