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British mortgage approvals rise to 15-month high, Bank of England data shows
Approvals rose to 65,945 as homebuyers stayed active despite higher mortgage rates, while net mortgage lending fell to £4.4 billion, the bank said.
- The Bank of England reported 65,945 home purchase mortgages approved in April, the highest level since January 2025, surpassing the six-month average of approximately 63,100 and exceeding March's 63,979 approvals.
- This uptick in activity comes despite rising mortgage rates in recent months, with economists anticipating further interest rate increases later this year driven by persistent inflationary pressures.
- Matt Swannell, chief economic adviser to the Item Club, attributed the increase to "Easter-related distortions that will soon unwind," while net mortgage lending fell to £4.4 billion from £6.8 billion in March.
- Thomas Pugh, chief economist at RSM UK, suggested households were unphased by the Iran war in April, as consumer credit borrowing remained unchanged at £1.9 billion and credit card borrowing rose to £0.8 billion.
- Approvals for remortgaging were "broadly unchanged" compared with the previous month, while financial markets are now pricing in just one rate hike as the Bank takes a measured view on interest rates.
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UK mortgage approvals unexpectedly rose in April as the housing market displayed ongoing resilience to the economic fallout from war in Iran.
·New York, United States
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British mortgage approvals rise to 15-month high, Bank of England data shows
British lenders approved the most mortgages in 15 months in April while consumer credit grew faster than expected, according to Bank of England data, which showed some resilience in the economy despite higher borrowing costs caused by the U.S.-Israeli war on Iran.
·New York, United States
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The IndependentReposted by 
The Independent (US)
The Independent (US)Mortgage approvals for house purchases reach highest level in over a year
Economists are anticipating further interest rate increases later this year
·London, United Kingdom
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Coverage Details
Total News Sources11
Leaning Left3Leaning Right1Center2Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 33%
R 17%
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