U.K. mortgage approvals rebound from 19-month low, consumer lending touches decade-high

Mortgage approvals in the United Kingdom rebounded from a 19-month low during the period of September; also consumer lending grew at the fastest pace in almost a decade.

U.K.’s number of mortgage for home purchases rose to 38,252 in September, down 15 percent, compared to a year earlier period, but up from 37,241 in August, which was the lowest level since January 2015, data released by the British Bankers’ Association (BBA) showed Wednesday.

Further, consumer lending rose at the fastest rate since December 2006, driven by strong demand for credit cards, which saw a net 175 million pound (USD214 million) increase in lending in September. However, business lending declined, however, dropping by a net 312 million pounds in September, the biggest fall since June.

"Mortgage approvals picked up slightly this month but the housing market continues to show signs of underlying weakness," said Rebecca Harding, Chief Economist, BBA.