UK mortgage approvals fell slightly in April, but net mortgage borrowing increased to £2.4bn.

Mortgage approvals in the UK fell slightly to 61,100 in April from 61,300 in March, but households borrowed more to buy properties. Savers also invested record amounts into Individual Savings Accounts (ISAs) amid 16-year-high interest rates. Despite the rise in mortgage rates in April, net mortgage borrowing increased to £2.4bn in April from £0.5bn in March, marking the first annual growth since October 2022.

May 31, 2024
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