FOREX TradingCharts.com

Financial News: UK Mortgage Lending Strongest Since 2022, Approvals Fall

UK Mortgage Lending Strongest Since 2022, Approvals Fall Slightly

03/03/2025 - 07:57:00 (RTTNews)

(RTTNews) - Mortgage borrowing of British homebuyers hit the highest since September 2022, while home loan approvals decreased slightly in January ahead of the stamp duty changes in April, figures from the Bank of England showed on Monday.

Mortgage lending increased GBP 0.9 billion to GBP 4.2 billion in January, which was the highest since September 2022. This followed an increase of GBP 1.1 billion in December.

Net mortgage lending showed an annual increase of 1.8 percent in January from 1.5 percent in December, continuing the upward trend observed since April 2024.

At the same time, mortgage approvals for house purchases decreased 300 to 66,200 in January, compared to an increase of 400 in December.

The 'effective' interest rate, which is the actual interest paid on newly drawn mortgages increased 4 basis points to 4.51 percent in January.

Net consumer credit borrowing by individuals rose to GBP 1.7 billion from GBP 1.1 billion in the previous month. Consumer credit growth eased slightly to 6.4 percent from 6.5 percent in December.

Within this, net borrowing through credit cards increased to GBP 1.1 billion from GBP 0.4 billion and was the highest increase since November 2023.

Further, data showed that large non-financial businesses borrowed GBP 1.9 billion in January, compared to GBP 0.9 billion of net repayments in December.

Net borrowing by small and medium-sized non-financial businesses increased slightly to GBP 0.5 billion from GBP 0.4 billion in the previous month.

Capital Economics economist Ashley Webb said the stagnation in the economy partly reflects households' mood to save rather than spend, which is unlikely to change over the next six months with the sharp deterioration in the outlook for employment.

Meanwhile, the housing market continued to shrug off the weakness in the wider economy, the economist added.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2025 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Moldova GDP Falls Further In Q4 (01 hr(s), 56 min(s), 56 sec(s) ago)
(RTTNews) - The Moldovan economy shrunk for a second straight quarter in the final three months of ...Full Story»

Croatia Prices Rise More Than Expected In February (02 hr(s), 16 min(s), 56 sec(s) ago)
(RTTNews) - Consumer prices in Croatia rose more than initially expected in February, but the rate ...Full Story»

U.S. Business Inventories Rise In Line With Estimates In January (03 hr(s), 0 min(s),56 sec(s) ago)
(RTTNews) - Business inventories in the U.S. increased in line with economist estimates in the mon ...Full Story»

U.S. Homebuilder Confidence Slumps To Seven-Month Low In March (03 hr(s), 35 min(s), 56 sec(s) ago)
(RTTNews) - A report released by the National Association of Home Builders on Monday showed a cont ...Full Story»

New York Manufacturing Activity Drops Significantly In March (03 hr(s), 51 min(s), 56 sec(s) ago)
(RTTNews) - The Federal Reserve Bank of New York released a report on Monday showing regional manu ...Full Story»

U.S. Retail Sales Rebound In February But Much Less Than Expected (03 hr(s), 54 min(s), 56 sec(s) ago)
(RTTNews) - After reporting a notable decrease by U.S. retail sales in the previous month, the Com ...Full Story»

Bulgaria Inflation Rises To 4.0%, Highest In 14 Months (04 hr(s), 58 min(s), 56 sec(s) ago)
(RTTNews) - Bulgaria's consumer price inflation accelerated further in February to the highest ...Full Story»

New York Manufacturing Index Plunges Much More Than Expected In March (05 hr(s), 25 min(s), 56 sec(s) ago)
(RTTNews) - The Federal Reserve Bank of New York released a report on Monday showing regional manu ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Moldova GDP Falls Further In Q4

03/17/2025 - 12:11 PM (RTTNews)
(RTTNews) - The Moldovan economy shrunk for a second straight quarter in the final three months of ...Full Story>>

Croatia Prices Rise More Than Expected In February

03/17/2025 - 11:51 AM (RTTNews)
(RTTNews) - Consumer prices in Croatia rose more than initially expected in February, but the rate ...Full Story>>

U.S. Business Inventories Rise In Line With Estimates In January

03/17/2025 - 11:07 AM (RTTNews)
(RTTNews) - Business inventories in the U.S. increased in line with economist estimates in the mon ...Full Story>>

U.S. Homebuilder Confidence Slumps To Seven-Month Low In March

03/17/2025 - 10:32 AM (RTTNews)
(RTTNews) - A report released by the National Association of Home Builders on Monday showed a cont ...Full Story>>

New York Manufacturing Activity Drops Significantly In March

03/17/2025 - 10:16 AM (RTTNews)
(RTTNews) - The Federal Reserve Bank of New York released a report on Monday showing regional manu ...Full Story>>

Do not sell my personal information

Copyright © 2025. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.