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Bank of England Mortgage Approvals & Lending April 2022

  • Consumers’ net borrowing of mortgage debt decreased to £4.1 billion in April, down from £6.4 billion in March. This is just below the pre-pandemic average of £4.3 billion in the year to February 2020.
  • Mortgage approvals decreased to 66,000 in April, from 69,500 in March. This is slightly below the 12-month pre-pandemic average of 66,700.
  • The number of approvals for re-mortgaging (with a different lender) dipped slightly to 47,800 in April – below the pre-pandemic average of 49,500.

Source: Bank of England

  • Annual growth in unsecured lending rose by 5.7% in April – the largest rise since the pandemic. Consumers borrowed an additional £1.4bn in credit in April. This follows +£1.3bn of borrowing in March, and is higher than the 12-month pre-pandemic average of £1.0bn.
  • New credit card lending to consumers was +£0.7bn in April. That follows +£0.8bn in March and +£1.6bn in February.

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