Net mortgage approvals increased to 65,900 in April, signaling resilience in the housing market despite higher borrowing costs.
UK mortgage approvals climbed to 65,900 in April, up from 64,000 in March, according to the latest Bank of England data. The figure remains above the six-month average of 63,100, suggesting sustained demand in the housing market.
Net mortgage borrowing fell to £4.4 billion from £6.8 billion in March, while the effective interest rate on new mortgages rose to 4.08%. Consumer credit growth held steady at £1.9 billion, though annual growth slowed to 8.8%.
The data reflects a housing market showing resilience despite higher borrowing costs, though broader economic momentum appears to be tapering slightly.