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British homebuyers borrowed the most in new mortgages since September 2022, with net mortgage lending rising to £4.21 billion in January from £3.34 billion in December, according to Bank of England (BoE) data. This surpassed economists' forecasts of £3.55 billion and reflected heightened activity ahead of the end of a temporary stamp duty tax break.
Mortgage approvals, a key indicator of future lending, declined slightly to 66,189 from 66,505 in December, beating the expected drop to 65,650. The looming stamp duty change, coupled with lower mortgage rates and rising real wages, fueled borrowing activity. However, experts predict a slowdown in approvals in the coming months.
The UK housing market has shown signs of resilience, with recent data from Nationwide and the Royal Institution of Chartered Surveyors indicating rising home prices. Despite economic uncertainty, demand remained steady, partly driven by favorable borrowing conditions.
In addition to mortgage trends, BoE data revealed a surge in consumer borrowing. Consumer credit grew 6.4% annually in January, down from 6.5% in December, marking the slowest rate since May 2022. However, in cash terms, consumer credit rose by £1.74 billion, the largest increase in a year, exceeding economists' expectations of £1.2 billion.
Retail sales data also suggested a pickup in consumer demand in January, despite broader economic challenges. The combination of strong mortgage lending and increased consumer borrowing underscores the complex dynamics of the UK economy as households navigate changing financial conditions.
