UK mortgage approvals rise faster than expected in Nov

British mortgage approvals rose at their fastest pace since March 2008 in November and net mortgage lending grew by more than expected, Bank of England figures showed on Monday.

Separate figures showed the BoE's preferred money supply gauge — M4 excluding intermediate other financial corporations — rose by 0.9 percent, its fastest monthly pace since April, though it fell 2.2 percent during the three months to November.

The Bank of England said mortgage approvals numbered 60,518 in November, rising from an upwardly revised 57,718 in October and more than double its record low of 27,162 set in November 2008. Analysts had forecast a reading of 58,000.

Net mortgage lending was also stronger than expected at 1.459 billion pounds, its highest since February and well above the 0.9 billion pounds which economists had expected.

Consumers repaid unsecured debt for a fifth consecutive month, but the 376 million pound repayment was less than the record 591 million pounds repaid in October and a fraction below forecast.

Britain's central bank is due to complete a 200 billion pound quantitative easing programme, designed to boost credit and help kick-start growth, by early February. Recent signs of a pick-up in the economy have boosted expectations the BoE will not expand its QE programme any further.