UK net mortgage approvals fell slightly in November

In November 2023, UK net mortgage approvals fell to 64,530 from 65,010 the previous month. Meanwhile, consumer credit borrowing rose to £2.08 billion. Interestingly, the annual growth rate for net mortgage lending increased to 3.3%, the highest since January 2023. This indicates that while there is a slight decrease in mortgage approvals, the credit conditions in the UK are relatively stable, with lenders cautiously easing household credit availability. The Bank of England (BOE) remains focused on inflation management, which suggests that current lending conditions will not be a significant concern for the central bank in the immediate future. The ongoing cost of living crisis necessitates careful adjustments in policy, indicating that attention to both mortgage lending and consumer credit growth will be critical factors for monitoring the UK economy moving into 2026.