Mortgage approvals fall more than expected in February

UK mortgage approvals fell more than expected in February ahead of the original stamp duty holiday deadline, according to figures released today by the Bank of England.

Mortgage approvals declined to 87,669 from 97,350 in January, versus expectations of a smaller drop to 95,000. Mortgage approvals were higher than in February 2020, but have fallen from a peak 103,700 in November 2020, the BoE said. Nevertheless, approvals were still well above the monthly average in the six months to February 2020 of 67,300.

Net mortgage borrowing, meanwhile, was £6.2bn in February which is the highest level since March 2016.


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