September 2016 UK mortgage approvals 62,932 vs 61,500 exp

Details from the September 2016 UK mortgage approvals and BOE consumer credit report 31 October 2016

• 
  
  Prior 60,058. Revised to 60,984
  

  • Net mortgage lending 3.248bn vs 3.000bn exp. Prior 2.934bn. Revised to 3.072bn
  
  
  • BOE consumer credit 1.405bn vs 1.500bn exp. Prior 1.574bn. Revised to 1.635bn
  
  
  • Credit cards 470m vs 398m prior. Revised to 400m
  
  
  • Total lending 1.001bn vs -415m prior. Revised to -189m
  
  
  • SME lending 842m vs -411m. Revised to -359m
  
  
  • M4 money supply -0.4% vs 0.9% prior m/m. Revised to 1.0%
  
  
  • 6.2% vs 5.4% prior y/y
  
  
  • Ex-financials 10.0% vs 10.9% prior 3m ann. Revised to 11.2% 
  
  
  
  

Much like the BBA report last week, we"ve seen a decent jump in mortgage approvals, as well as a jump in mortgage lending amounts. Consumer credit came in lower but was revised much higher last month.

Total lending picked up and SME"s took a good chunk of that, which could be some bounce back in the aftermath of the Brexit vote.

This is further evidence that the housing market has shrugged off any immediate fears from Brexit and yet another indicator that it has been more resilient than the BOE expected. It"s going to make Thursday"s MPC meeting and inflation report very interesting.

September 2016 UK mortgage approvals 62,932 vs 61,500 exp
September 2016 UK mortgage approvals 62,932 vs 61,500 exp
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