UK property market slows, credit card borrowing rises: Bank of England

LONDON: According to information released by the Bank of England on Wednesday, the housing market in Britain experienced a sharp slowdown in November, while credit card borrowing increased. (Reported by news source)

The number of mortgages authorised by British lenders fell to 46,075 in November from 57,875 in October, the lowest number since June 2020 when the housing industry slowed to a halt due to the COVID-19 epidemic.

Other indicators of the housing market indicate a dramatic decline is in progress after a quarter increase in house prices during the pandemic.

Halifax, a mortgage provider, predicted this month that house prices will decline by about 8% this year, while in December, BoE interest rates rose to 3.5%, the highest level since 2008, from 0.1% a year earlier.

The Bank of England (BoE) said that consumer lending increased by 1.5 billion pounds ($1.8 billion) in net terms in November, with a 1.2 billion increase in credit card borrowing accounting for the greatest such gain since March 2004.