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Britain’s housing-market recovery continued into March as mortgage approvals rose for a sixth month, Bank of England figures show.
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Banks and building societies authorized 61,325 home loans, up from 60,497 in February and the most since September 2022. Economists had expected 61,500. Unsecured credit, including credit card debt, rose £1.6 billion, slightly higher than forecast.
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Buyers are being lured back into the housing market by a brighter economic outlook and increased affordability after a sharp fall in mortgages rates since last summer. However, a recent resurgence in borrowing costs has raised questions over whether the recovery can continue.
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Source: Bloomberg