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| Version 1 | Version 2 |
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| Surprise mortgage jump confounds expectations | Surprise mortgage jump confounds expectations |
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| Mortgage approvals unexpectedly jumped in December and consumer credit surged ahead but business lending has slumped, the latest Bank of England figures have showed. | Mortgage approvals unexpectedly jumped in December and consumer credit surged ahead but business lending has slumped, the latest Bank of England figures have showed. |
| Its figures showed lenders made 70,837 loans for house purchases over the month, up nearly 1 per cent in November to the highest level since August and confounding economists’ expectations of a decline. | Its figures showed lenders made 70,837 loans for house purchases over the month, up nearly 1 per cent in November to the highest level since August and confounding economists’ expectations of a decline. |
| The latest rise in loans, bolstered by record-low borrowing costs and falling unemployment, follows another year of solid price growth. London prices hit an all-time high of £514,097 last month, with the biggest increases in the suburbs. Although Nationwide signalled a slowdown in January, the Government and BoE have been looking increasingly at measures to curb potential overheating in areas such as buy-to-let lending. | The latest rise in loans, bolstered by record-low borrowing costs and falling unemployment, follows another year of solid price growth. London prices hit an all-time high of £514,097 last month, with the biggest increases in the suburbs. Although Nationwide signalled a slowdown in January, the Government and BoE have been looking increasingly at measures to curb potential overheating in areas such as buy-to-let lending. |
| The latest evidence of the UK’s shopping and houses-led recovery showed unsecured credit card debt, personal loans and overdrafts surging at the fastest annual rate since February 2006, up 8.6 per cent on a year earlier. | The latest evidence of the UK’s shopping and houses-led recovery showed unsecured credit card debt, personal loans and overdrafts surging at the fastest annual rate since February 2006, up 8.6 per cent on a year earlier. |
| Business lending painted a different story, however as credit fell £3.7bn in December, much worse than the average £300m decline seen over the previous six months. Loans to small and medium-sized business also fell. | Business lending painted a different story, however as credit fell £3.7bn in December, much worse than the average £300m decline seen over the previous six months. Loans to small and medium-sized business also fell. |
| There was brighter news for the UK’s manufacturers as they outshone European counterparts in the latest snapshot of the sector’s performance by financial data firm Markit. | There was brighter news for the UK’s manufacturers as they outshone European counterparts in the latest snapshot of the sector’s performance by financial data firm Markit. |
| The Chartered Institute of Procurement & Supply’s activity index, where a score over 50 signals growth, hit a three-month high of 52.9 last month, up from 52.1 in December. | The Chartered Institute of Procurement & Supply’s activity index, where a score over 50 signals growth, hit a three-month high of 52.9 last month, up from 52.1 in December. |
| The improvement came despite China-inspired un-certainty and, until recently, a much stronger pound. Cips’ chief executive David Noble said manufacturers have started the year “in a positive, if slightly reserved fashion”. | The improvement came despite China-inspired un-certainty and, until recently, a much stronger pound. Cips’ chief executive David Noble said manufacturers have started the year “in a positive, if slightly reserved fashion”. |
| On the Continent, trading was weak with slowing growth among German, Italian and Dutch firms and stagnation in France and Greece. | On the Continent, trading was weak with slowing growth among German, Italian and Dutch firms and stagnation in France and Greece. |