UK mortgage approvals hit 18-month high of 61,300 in March, with gross lending reaching £20.1bn, as lenders compete ahead of potential base rate cuts.
UK mortgage approvals surged to 61,300 in March, marking the highest level in 18 months and indicating a return of confidence in the property market, according to Bank of England data. Gross mortgage lending rose from £18.6 billion in February to £20.1 billion in March, its highest level in 13 months. The increase in approvals is attributed to competition among lenders ahead of the expected Bank of England base rate cuts, currently at 5.25%.
April 30, 2024
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