Market News
UK Mortgage Approvals Hold Steady in Race to Beat Tax Hike - BLOOMBERG
By Andrew Atkinson and Irina Anghel
- Buyers are trying to tie up deals before stamp duty increases
- Consumer credit surges but households still inclined to save
UK mortgage approvals dipped less than forecast in January, suggesting homebuyers are still rushing to complete transactions before a key tax goes up.
Banks and building societies authorized 66,189 home loans, just 316 fewer than in December, the Bank of England said Monday. Economists had forecast a drop to 65,500. Net mortgage lending climbed to £4.21 billion ($5.3 billion) as previous approvals translated into transactions.