COVID-19 SERVICE: We are heightening our efforts to assist the UK retail & leisure industry through this challenging period. Explore this service now… COVID-19 SERVICE

Bank of England Mortgage Approvals and Lending March 2022

  • Annual growth in secured lending (e.g. mortgages) rose by 4.3% in March, easing on the 4.6% rise last month. 
  • Consumers borrowed £7.0bn of mortgage debt in March, from £4.6 billion last month, above the pre-pandemic average of £4.3bn in the 12-months to February 2020.
  • The number of mortgage approvals eased, totalling 70,691 from 70,968 in February, but ahead of the previous six-month average of 70,451. Mortgage approvals fell by 15% compared with tough comparisons a year earlier. 
  • The number of approvals for re-mortgaging (with a different lender) continued to rise, totalling 48,764 in March from 48,408 last month. 

Source: Bank of England

  • Annual growth in unsecured lending rose by 5.2% in March, up from 4.5% in the previous month. Households borrowed £1.3 billion of consumer credit, following £1.6bn of borrowing in February. 
  • Households made £0.8bn of additional borrowing on credit cards, down from £1.1 billion borrowed last month. Additional borrowing in ‘other’ forms of consumer credit (e.g. car finance, personal loans) topped £0.5bn.

Back to Retail Economic News