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Britain’s mortgage approvals jump to 13-year high

Britain’s mortgage approvals jump to 13-year high

Data from the Bank of England released on Monday indicated that British lenders approved the highest number of mortgages in more than 13 years in October, providing no signs of slowdown in the U.K. in the post-lockdown period.

Mortgage approvals for home purchases in Britain rose to 97,532 from a value of 9,2091 in September, coming above the median forecasts of 84,500.

Net consumer lending fell by 590 million pounds in October after a slightly larger decline in the previous month, representing a 5.6 percent annual decline in lending, the largest drop since the start of monthly registrations in 1994.

The British pound witnessed a decline against the dollar for three straight sessions, recording its lowest level today at 1.3291, while it had opened trading today at 1.3326.

This weakness in the pound sterling comes despite the significant decline in the levels of the US dollar, which recorded its lowest level in two years, according to the dollar index, which hit the lowest level today at 91.62.

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