UK mortgage approvals hit 2-year high

London

BRITISH mortgage approvals hit a two-year high in January and consumer credit expanded at the fastest pace in a decade, according to Bank of England data that is likely to add to the case for a tightening of lending requirements by the central bank.

Mortgage approvals for house purchases numbered 74,581 in January from 71,335 in December. Analysts in a Reuters poll had forecast 74,000 mortgage approvals were made last month.