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Bank of England Data Shows Surge in Mortgage Approvals to 18-Month High

Bank of England Data Shows Surge in Mortgage Approvals to 18-Month High

In early 2024, the British housing market witnessed a remarkable recovery, as depicted by Bank of England data released on Tuesday. The data revealed that the number of mortgages approved by British lenders surged to an 18-month high in March.

During this period, lenders approved a total of 61,325 mortgages, marking a notable increase from 60,497 approvals in February. This figure also represented the highest total since September 2022. A Reuters poll of economists had initially anticipated approvals of around 61,500 mortgages, indicating the accuracy of the data.

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This surge in mortgage approvals aligned with various indicators of the housing market, all pointing towards an upswing in early 2024. This positive trend was a welcome change after a slowdown in activity during the previous year, attributed to factors such as high inflation and rising interest rates.

Additionally, the data revealed that net consumer credit lending experienced a significant rise in March. The increase amounted to 1.577 billion pounds ($1.98 billion), surpassing the February increase of 1.429 billion pounds. This figure slightly exceeded the 1.5 billion pound consensus forecasted in the Reuters poll.

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Overall, the surge in mortgage approvals and consumer credit lending signaled a promising start to the year for the British housing market, indicating a renewed sense of confidence and activity among buyers and lenders alike.

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