December 30, 2019 / 12:05 PM / 2 months ago

UK mortgage approvals hit almost three-year high in November - UK Finance

FILE PHOTO: Houses are reflected in the door handle of a property in central London in this August 18, 2008 file photo. British mortgage approvals fell for the 12th straight month to hit a series low in July, the Bank of England said on September 1, pointing to further sharp falls in house prices in the coming months. REUTERS/Luke MacGregor/Files (BRITAIN)

LONDON (Reuters) - The number of mortgages approved by British banks rose in November to the highest in nearly three years, industry data showed on Monday, adding to signs of stabilisation in the housing market.

Banks approved 43,715 mortgages in November, up from 41,312 in October and the highest total since January 2017, seasonally-adjusted data from trade body UK Finance showed.

Consumer credit rose in annual terms by 4.0% last month, the smallest increase since April, marked by the weakest growth in credit card lending in five years.

Comprehensive lending data for November for the Bank of England is due on Friday.

Reporting by Andy Bruce; editing by Michael Holden

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