According to the report from Bank of England, net mortgage borrowing strengthened to £5.7 billion in November. Mortgage approvals for house purchase increased further to 105 000, the highest since August 2007. Economists had expected a decrease to 82 500. Effective interest rates on new mortgage borrowing ticked up to 1.83%.

Consumer credit remained weak in November, with households making net repayments of £1.5 billion. Effective rates on new personal loans increased by 31 basis points to 5.46%.

Private non-financial companies borrowed £2.3 billion from capital markets in November. Bank borrowing by small and medium-sized businesses remained strong at £1.8 billion, whilst net borrowing by large businesses was £0.2 billion.

Household deposits increased by £17.6 billion in November, but there were significant withdrawals from National Savings and Investment accounts. Business deposit flows remained strong at £5.3 billion. Deposit interest rates remained at historically low levels.