UK mortgage lending likely to be outpaced by consumer credit in November

UK net consumer credit for the month of November is expected by market consensus to come in at 1.3. In November, mortgage approvals are expected to come in at 69.9 by consensus.

Low employment, strong consumer confidence and firm real income gains is making households more ready to borrow but only through consumer credit rather than mortgages.

"we expect mortgage approvals to remain relatively subdued, falling to 68.9k in November from 69.6k the previous month. The increase in net consumer credit should rise from £1.2bn in October to £1.5bn in November to finance the amazing surge in retail sales seen in that month", says Societe Generale in a research note.