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Money and Credit - October 2021
Net borrowing of mortgage debt by individuals amounted to £1.6 billion in October, the lowest since July 2021. Mortgage approvals for house purchase fell further to 67,200 in October from 71,900 in September, close to the 12-month average up to February 2020 of 66,700. Consumers borrowed an additional £0.7 billion in consumer credit, on net. The effective rate on new personal loans increased to 6.27% in October, and is the highest since March 2020 but remains below the January 2020 level. Households’ net flow into deposit accounts fell in October to £5.5 billion. The effective interest rate paid on ... (full story)