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The pressure on U.K. housing market seems to be building as evidenced by lower mortgage approvals data published by the British Banking Association's monthly report on Friday. Data showed that British banks approved a smaller number of mortgages in February and consumer credit growth slowed slightly despite a jump in credit card borrowing.
"Elevated approval volumes for house purchases and re-mortgaging experienced during the winter months fell back in February, to average levels seen throughout most of last year," said Eric Leenders, the BBA's managing director for retail banking.
British Banks approved 42,613 mortgages for house purchase last month, down from 44,142 in January and 4.6 percent less than in February 2016, the British Bankers' Association said. Data was short of the 44,900 consensus forecast. Data showed mortgage borrowing fell to £13.4bn down 4.3 percent compared to the preceding month but was up 4.6 percent year on year, or 2.5 percent after allowing for repayments.
The BBA also reported that consumer credit grew growth slowed an annual rate of 6.6% and that business borrowing continued to be subdued, growing by 0.9% annually.
"The February slowdown in mortgage approvals for house purchases fuels our belief that the housing market will come under increasing pressure over the coming months," said Howard Archer of IHS Global Insight.
