UK mortgage lending fell 24.2% in Q2 2025, but new commitments rose, showing market resilience.

UK mortgage lending dropped 24.2% in Q2 2025 to £58.8 billion, the lowest since Q1 2023, due to changes in stamp duty. However, new mortgage commitments rose 14.6% to £78.2 billion, indicating market resilience. Despite this, lending to first-time buyers decreased. The Financial Conduct Authority reported more borrowers are locking in new deals early, with around 489,000 mortgages in new deals between May and July.