British Lenders See Surge in Mortgages Approved
In a significant uptick, the number of mortgages approved by British lenders has climbed to a peak not observed since the latter half of 2022. Bank of England statistics released on a recent Tuesday unveiled that March witnessed a robust resurgence in the housing market, with approvals reaching an 18-month high.
The figures are telling: a total of 61,325 mortgages were sanctioned in March, a notable increase from the 60,497 approved in the preceding month. This surge surpassed the predictions of many economists, who had anticipated around 61,500 approvals based on a Reuters poll. The actual numbers reflect the highest total since September 2022, signaling a strong recovery phase for the housing market.
This positive trend is echoed by other indicators within the sector. After experiencing a slowdown last year due to surging inflation and escalating interest rates, early 2024 has seen an upswing in housing market activities. This aligns with the broader economic indicators and paints an optimistic picture for potential homeowners and investors alike.
Furthermore, net consumer credit lending also experienced an increase in March. The rise amounted to 1.577 billion pounds, which is slightly above February’s increase of 1.429 billion pounds. This figure marginally exceeded the consensus forecast of 1.5 billion pounds from the Reuters poll, suggesting a growing confidence among consumers.
The resurgence in mortgages and consumer credit lending could be indicative of a more resilient economic landscape in the UK, as the housing market often serves as a barometer for broader economic health. With the Bank of England’s data reinforcing this sentiment, stakeholders in the housing sector may have reason to approach the coming months with renewed optimism.
