UK's October mortgage approvals likely to rise and consumer credit to be flat

UK's Net consumer credit for the month of October is expected to be same as that of previous month at 1.3, as expected by the market consensus. The Net Lending Sec. on Dwellings in September stood at 3.6.

UK's mortgage approvals for the month of October is likely to record at 69.9, as per the consensus expectations, while for previous month it was at 68.9.

There is possibility for th BoE FPC to consider taking action to address the strength of consumer credit in Financial Stability Review Publication.

"In October we expect consumer credit to record another rise of £1.3bn and mortgage approvals to increase from 68.9k to 69.8k", estimates Societe Generale.