The number of mortgage approvals in the United Kingdom, an indicator of future borrowing, was broadly flat month-on-month in March at 70,700, according to the Bank of England.
March’s print, which was only slightly down from the 71,000 recorded in February and still above the 12-month pre-pandemic average, comes as approvals for remortgaging rose to 48,800 and net borrowing of mortgage debt rose from £4.6bn in February to £7.0bn in March.
Individuals borrowed £1.3bn in consumer credit, while small and medium-sized non-financial businesses repaid £700.0m and large businesses borrowed £1.9bn from banks, down from £4.3bn in February.
