LONDON (dpa-AFX) - The U.K. mortgage approvals declined to a 3-month low in March, while secured lending and consumer credit expanded strongly, the Bank of England reported Friday.
The number of mortgages approved in March fell unexpectedly to 71,357 from 73,195 in February. It was forecast to rise to 74,200.
Total lending to individuals increased by GBP 9.3 billion in March, much bigger than a GBP 5 billion rise seen in February.
Within total, secured lending climbed GBP 7.4 billion, larger than a GBP 3.6 billion increase in prior month and an expected growth of GBP 3.7 billion.
Net consumer credit grew GBP 1.9 billion in March versus a GBP 1.4 billion rise in February and a GBP 1.3 billion rise forecast by economists.
In March, M4 money supply slid 0.4 percent on a monthly basis, which was the first fall in three months. In February, M4 had increased 0.9 percent. Year-on-year, growth eased to 1.6 percent from 2.2 percent.
Copyright RTT News/dpa-AFX