December 30, 2019 / 11:27 AM / a month ago

UK mortgage approvals hit almost three-year high in November: UK Finance

FILE PHOTO: A man walks past houses painted in various colours in a residential street in London, Britain, May 15, 2019. REUTERS/Toby Melville/File Photo

LONDON (Reuters) - The number of mortgages approved by British banks rose in November to the highest in nearly three years, industry data showed on Monday, adding to signs of stabilization in the housing market.

Banks approved 43,715 mortgages in November, up from 41,312 in October and the highest total since January 2017, seasonally-adjusted data from trade body UK Finance showed.

Consumer credit rose in annual terms by 4.0% last month, the smallest increase since April, marked by the weakest growth in credit card lending in five years.

Comprehensive lending data for November for the Bank of England is due on Friday.

Reporting by Andy Bruce; editing by Michael Holden

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