UK mortgage approvals declined more than expected in February, the Bank of England reported Thursday.
The number of loans approved for house purchases fell to 63,910 from 67,110 in January. The expected level was 66,000.
Secured lending grew at a faster pace of GBP 3.7 billion after rising GBP 3.4 billion in January. Consumer credit increased by GBP 1.6 billion or 0.8 percent. This was bigger than the expected growth of GBP 1.4 billion.
Data showed that loans to non-financial businesses rose GBP 3.6 billion, in contrast to a decline of GBP 1.5 billion in January.
Annual growth in M4 slowed to 4.1 percent in February from 4.3 percent in January. On a monthly basis, M4 dropped 0.3 percent in contrast to January’s 1.5 percent increase.