It’s all looking a little brighter for UK households in need of some credit.
Data out from the Bank of England today showed the average mortgage rate dipped slightly, from 3.84 per cent in August to 3.77 per cent in September. Mortgage approvals edged up, to 94,385 from 90,023 in August. The picture was also a little cheerier for unsecured lending to households.
All of which will delight the Bank of England, keen as it is for any sign that Funding for Lending – its latest flagship scheme to spur lending to businesses and households – is working. However, the Bank should be wary about reading too much into today’s data.