UK Mortgage Lending Surges Before Tax Break Expiry
LONDON (Reuters) -Net mortgage borrowing by British homebuyers jumped by the most in nearly four years in March before the end of a tax break on some property purchases, Bank of England data showed on Thursday.
Net mortgage borrowing rose by 12.963 billion pounds ($17.27 billion) in March, up from 3.303 billion pounds in February, the highest since June 2021 during the coronavirus pandemic which prompted a surge in the property market.
Mortgage approvals for house purchases - a leading indicator for lending - cooled slightly to 64,309 mortgages, down from 65,093 in February, and slightly below economists expectations for 64,800 approvals.
Net unsecured lending to consumers rose by less than expected, up by 0.9 billion pounds in March after a 1.3 billion-pound increase in February. The Reuters poll had pointed to a reading of 1.2 billion pounds.
($1 = 0.7504 pounds)
(Reporting by Suban Abdulla and David MillikenEditing by William Schomberg)
