Mortgage lending showed the biggest net increase on record in March after finance minister Rishi Sunak extended a tax cut for property purchases, Bank of England data showed this morning
Mortgage borrowing rose by a net £11.8 billion in March, the biggest increase since the series began in April 1993, the BoE said.
British lenders approved 82,735 mortgages in March, down by about 5,000 from February and a recent peak of over 103,000 in November, the BoE data also showed.
Meanwhile individuals continued making net repayments of consumer credit in March (£0.5 billion). and households continued depositing significant amounts, with an additional £16.2 billion placed in March. Deposit interest rates remained at historically low levels.
