The number of mortgage approvals in November 2020 increased to the highest level since August 2007, according to the Bank of England Money & Credit data.

UK banks approved 104,969 mortgages in November, up from 98,338 in October. with net mortgage borrowing also increasing to £5.7bn.

Consumer credit, such as credit cards and overdrafts, continued to fall at a record pace, as many Brits repaid credit card debt and had fewer options on where to splurge as hospitality and holidays largely ceased during the month.

Net consumer lending dropped by £1.54bn in November, around 6.7 per cent lower than in November 2019, the biggest drop since monthly records began in 1994.

Household deposits increased by £17.6bn in November, however there were significant withdrawals from national savings and investment accounts according to the data.

Bank borrowing by small and medium-sized businesses was noted at £1.8bn, while net borrowing by large businesses was £0.2bn.

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