LONDON (Reuters) -British lenders approved the most mortgages for house purchase since August 2022 last month but consumer credit growth slowed slightly to its weakest in nearly two years, Bank of England data showed on Friday.

The number of UK mortgages given the green light hit a more than two-year high last month as buyers shrugged off anxiety over tax hikes and persistently elevated interest rates.

The 'effective' interest rate - the actual interest typically paid - on newly drawn mortgages decreased to 4.61% in October, the lowest since May 2023, figures show

UK lenders approved the most mortgages in more than two years last month as Britain’s housing market proved resilient ahead of the new government’s first Budget. Banks and building societies gave the green light to 68,