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UK mortgage approvals increased more than expected in April, figures from Bank of England showed on Wednesday.

The number of mortgages approved for house purchase rose moderately to 86,921 in April from 83,402 in March. The expected level was 84,980.

Net mortgage borrowing fell to GBP 3.3 billion from a record GBP 11.5 billion in March. Economists had forecast borrowing to decline to GBP 6.6 billion.

Despite weaker net lending, both gross lending and repayments remained above levels seen since the start of 2020, data showed.

Individuals have made significant net repayments of consumer credit since March 2020. The further net repayment of GBP 0.37 billion in April compared to GBP 0.38 billion a month ago.

Businesses made significant net repayments of GBP 4.6 billion to banks in April.
The weakness in borrowing reflected large non-financial businesses repaying GBP 4.8 billion of loans in April. Borrowing by small and medium sized non-financial businesses drew down an extra GBP 0.3 billion in April.

M4 money supply grew 9.1 percent year-on-year in April versus 10.8 percent in March.


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