Mortgage approvals drop in January

January’s numbers were also below the previous six-month average of 55,924, according to the data. Approvals for remortgaging (23,611) and for other purposes (23,035) were also lower than in December and lower than their respective six-month averages.

Total net lending to individuals rose by £2.0 billion in January and the twelve-month growth rate ticked up to 0.8%. The three-month annualised growth rate was 1.3%, a 0.4% increase from a revised 0.9% for December.

Within the total, net lending secured on dwellings increased by £1.5 billion, above the December increase of £1.2 billion and the previous six-month average of £1.0 billion. The twelve-month growth rate ticked up to 1.0%, from 0.9% in December. The three-month annualised growth rate rose to 1.4%.



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