-
U.K.’s Housing Sector Still Struggles, But Retailers Have Reason to Rejoice
The British Bankers’ Association reported earlier that mortgage approvals in the United Kingdom unexpectedly fell to 34.7K down from October’s data which was also revised up to 35.3K. Meanwhile, the consensus of economists polled had expected an improvement in the reading to 35.8K. They also reported that net mortgage lending in November, on an annualized basis, was 1.4% and that new mortgages amounted to approximately £8 billion. Personal loans were reported at £1billion in November and new credit card debt at £7billion suggests to the Association’s analysts that consumers are primarily turning to the ... (full story)