Bank of England Reports 18-Month High in UK Mortgage Approvals for March

In March, British lenders saw a notable uptick in mortgage approvals, reaching the highest level in 18 months, as per data from the Bank of England released on Tuesday. 

The figures, totaling 61,325 mortgages approved, marked an increase from 60,497 in February and represented the most significant surge since September 2022. Economists surveyed by Reuters had anticipated approvals around 61,500.

This data aligns with other indicators signaling a rebound in the housing market at the beginning of 2024, following a slowdown last year attributed to elevated inflation and climbing interest rates.

Additionally, consumer credit lending saw a rise of £1.577 billion ($1.98 billion) in March, up from £1.429 billion in February, slightly surpassing the consensus of £1.5 billion from the Reuters poll.

Paraphrasing text from "Reuters" all rights reserved by the original author.