Mortgage lending hits lowest since 2016 excluding pandemic

Mortgage lending successful February fell to its lowest level since 2016, excluding the pandemic, according to Bank of England figures.

It comes arsenic higher borrowing costs marque buying spot little affordable.

Mortgage lending was £700m successful February, down from £2bn successful January and the lowest level for immoderate period since April 2016, excluding the Covid crisis.

However, the fig of mortgages approved by lenders roseate somewhat from 39,600 to 43,500.

Karen Noye, a owe adept astatine Quilter, said "green shoots mightiness beryllium appearing" arsenic approvals rebounded.

But she said the effectual involvement complaint connected caller mortgages roseate to 4.24% successful February, making borrowing much costly for imaginable home-owners.

"It's wide that home-buyers are cautiously returning backmost to the marketplace successful aboriginal 2023 aft the immense shocks astatine the backmost extremity of past twelvemonth made galore enactment their location hunts connected ice. How this each feeds done to location prices is yet to beryllium seen."