Mortgage approvals continued to slow down in October, BBA says

The slowdown in the mortgage market continued over recent weeks, although the annual rate of growth in unsecured lending clocked in at its fastest since 2008, the latest figures available from the BBA revealed.

The number of mortgages approved for house purchase was 16% lower in October in comparison to a year ago, well off of the prior month's reading of -10%.

However, commenting on the figures Richard Woolhouse, Chief Economist at the BBA, said: “Despite a softening in the housing market, consumers continue to show confidence in the economy with unsecured borrowing at its highest growth rate in years."

As well, ISA deposits totalled £11.2bn in the 12 months to October, an increase of almost 22% on the same period last year.

That prompted Woolhouse to add: "At the same time we all continue to make the most of new ISA rules, stashing more in our savings accounts over the course of the last year.”