Market News
UK net mortgage lending rises by most since September 2022 - REUTERS
LONDON, March 3 (Reuters) - British homebuyers borrowed the most in new mortgages since September 2022 in January, while approvals for new lending dropped less than expected ahead of the end of a tax break on property purchases, according to Bank of England data on Monday.
Net mortgage lending rose to 4.207 billion pounds ($5.31 billion) in January from 3.343 billion in December, the highest since September 2022 when the economic plans of former prime minister Liz Truss sparked turmoil in bond and mortgage markets.
January's lending was well above economists' expectations in a Reuters poll for 3.55 billion pounds of new lending.
Mortgage approvals for house purchase - a leading indicator for lending - dropped to 66,189 from 66,505 in December, a smaller decline than the fall to 65,650 expected in a poll.
The end this month of a temporary reduction in stamp duty land tax for first-time home buyers and for buyers of less expensive houses is likely to have boosted activity.
