Finance
UK net mortgage lending surged by most since 2021 ahead of tax break expiry
Published by Global Banking & Finance Review®
Posted on May 1, 2025
1 min readLast updated: January 24, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on May 1, 2025
1 min readLast updated: January 24, 2026
UK mortgage lending surged in March, the highest since 2021, as homebuyers rushed before a tax break ended. Mortgage approvals slightly decreased.
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)
The main topic is the surge in UK net mortgage lending in March before a tax break expiry.
Mortgage lending surged as homebuyers rushed to complete purchases before a tax break expired.
Mortgage approvals slightly decreased in March compared to February.
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