Data shows that mortgage approvals in the UK rose to the highest levels in 7 months, which in turn has improved the British Pound against the Dollar, Euro and Yen. Reports from the Royal Institute of Chartered Surveyors also who an increase in house-buyer enquires for the second month in a row, following a 6 month decline in enquiries. This shows that British consumers are a main reason for continued growth following the Brexit vote.
Key Takeaways:
- The British Pound is gaining on the Dollar, Euro and Yen after UK mortgage approvals rose more-than-expected to a seven-month high in October
- The data back up last week’s figures from the British Bankers’ Association, which showed a pickup in mortgage approvals and a strong rise in the annual growth rate of consumer credit.
- The data are not important enough to influence Bank of England thinking on monetary policy.
“British consumers are playing a leading role in keeping the economy growing following June’s Brexit vote”