MNI BRIEF: UK Net Mortgage Lending Rose In September

UK net mortgage borrowing increased by GBP1.2 billion to GBP5.5 billion in September, according to the Bank of England's monthly Money and Credit release.

Overall, annual net mortgage lending increased by 3.2% in cash terms, up 0.2 percentage points from annual growth to August. Alongside the boost in mortgage debt, the BOE said there was an increase in mortgage approvals, up by 1,000 to 65,900 while remortgaging approvals decreased by 600 to 37,200. (See MNI INTERVIEW: Consumer Balance Sheets Underpin UK Property)

Aggregate money (M4ex) rose from GBP11.2 billion to GBP13.7 billion. Households and private sector companies' net lending (M4Lex) rose to GBP19.5 billion in September from GBP10.2 billion in August.