Latest data released by the BOE - 30 August 2019
- Prior 66.4k; revised to 66.5k
- Net consumer credit £0.9 billion vs £1.0 billion expected
- Prior £1.0 billion; revised to £1.1 billion
The jump higher in mortgage approvals sees it move to the highest level since July 2017 but the not-so-good news is that consumer credit growth remains subdued at +5.5% y/y in July. That represents the weakest level since April 2014, similar to June.
Despite mortgage approvals hitting a two-year high and showing signs that the market is stablising, the fact that credit conditions remain soft isn't exactly a signal that the economy is running hot at this point in time.
