From The BBC:
The total amount of personal debt in the UK has fallen for the first time since records began in 1993, the Bank of England has said.Personal borrowing fell by £600m in July, taking the total owed by individuals down to £1.457 trillion. There was a drop in both mortgage debt and other forms of borrowing such as bank loans. The number of mortgages approved in July rose again to 50,123, suggesting property sales will continue to rise. “Total net lending to individuals fell by £0.6bn in July, showing a net repayment for the first time in the series,” the Bank said. The amount outstanding on mortgages fell by £400m as people repaid more than they borrowed during July.
According to the Bank of England, the number of monthly mortgage approvals has crept up slowly this year, suggesting the appetite for lending is picking up a bit. But that seems to be outweighed by homeowners who want to reduce their mortgage borrowing. Anyone on a tracker or variable rate mortgage h…
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