UK consumer credit growing at 7.2%y/y

The April Lending Report showed a surprise fall in mortgage approvals (down to 64.4k from a downwardly revised 14 month high of 67.6k), contradicting BBA data released earlier showing further pickup. Meanwhile, net lending secured on dwellings rose to £2.1bn (from £1.7bn in March) in line with consensus expectations, states Barclays. 

Consumer credit flow came in slightly lower than expected but, nevertheless, added £1.0bn after £1.2bn in March. In general, consumer credit continued to power ahead, growing by 7.2%y/y (vs. 1.8%y/y for mortgages) helped by buoyant household confidence, notes Barclays.