• Mortgage approvals 56.205k vs 62.900k expected
• Prior 65.945k; revised to 66.034k

UK mortgage approvals fell off by quite a bit last month, with net borrowing of mortgage debt by individuals also seen decreasing to £2.9 billion in May – down from £4.4 billion in April. This was below the previous 6-month average of £5.1 billion, and the lowest since May 2025 (£1.9 billion).

As for net borrowing of consumer credit by individuals, that remained largely unchanged in May at £1.7 billion. However, that continues to also hold below the previous 6-month average of £1.9 billion.

That said, the annual growth rate for all consumer credit was 8.9% in May, up from 8.7% in April. The breakdown shows the annual growth rate for credit card borrowing increasing to 12.1% from 11.8%. Meanwhile, the annual growth rate for other forms of consumer credit increased to 7.5% from 7.4% previously.