Bank of England’s Money and Credit statistics

The Bank of England published their latest Money and Credit statistics for September. The headline figures reveal that:

• Net borrowing of mortgage debt by individuals remained at £6.1 billion in September
• Mortgage approvals for house purchases decreased significantly to 66,800 in September from 74,400 in August
• The ‘effective’ interest rate – the actual interest rate paid – on newly drawn mortgages increased by 29 basis points to 2.84% in September
• Individuals borrowed an additional £0.7 billion in consumer credit in September, way below the additional £1.2 billion borrowed in August

Source: Bank of England