Mortgage approvals dipped in November but remained higher than annual average Bank of England figures have shown that mortgage approvals dipped slightly in November but were still higher than the year's average.
Breaking down the consumer credit figures further shows credit card borrowing's yearly expansion slackened to 8.0% as opposed to October’s 9.4%, and other consumer credit forms such as car finance and personal loans dropped from 6.3% to 5.9%.
The pace of growth for consumer credit borrowing, which includes credit cards, car dealership finance and personal loans, has also slowed in November, demonstrating a shift from 7.3% in October to 6.6%.
Laith Khalaf, head of investment analysis at AJ Bell, commented on the recent financial trends, saying: "Savers had been squirreling away cash ahead of the Budget, and after the announcement didn’t hit quite as hard as they had feared, they took their foot off the savings accelerator.
The trend for remortgaging saw a slight downtick too, with approvals falling by 300 to settle at 31,200, but these numbers still outpaced the annual average of 30,000.
