(Reuters) – British lenders approved fewer mortgages than expected in November and consumer lending increased at the weakest pace since mid-2022, according to Bank of England data that is consistent with other signs of a slowing economy.
Mortgage approvals fell to 65,720 mortgages in November from 68,129 in October, the lowest reading since August.
A Reuters poll of economists indicated approvals at about 68,500.
The data also showed a smaller-than-expected net increase in consumer lending, which fell to 878 million pounds ($1.09 billion) in November from 995 million pounds in October, representing the smallest increase since June.
Bank of England data showed that the annual growth rate of consumer credit slowed in November to 6.6% from 7.3%, the slowest pace since June 2022.
($1 = 0.8064 pounds)
