UK mortgage borrowing hits 28-month high
By Benjamin Chiou
Date: Monday 03 Mar 2025
(Sharecast News) - The total amount borrowed for UK mortgages reached its highest in more than two years in January, while consumer credit levels hit a one-year high, according to data out on Monday from the Bank of England.
Net mortgage borrowing by individuals totalled £4.2bn in January, up £0.9bn from December and the highest level since September 2022.
Compared with the year before, net mortgage lending was 1.8% higher, up from annual growth of 1.5% in December and continuing the upward trend seen since April 2024.
Net mortgage approvals for house purchases, which economists track to predict the future housing market situation, dipped by 300 to 66,200, but still remained close to the highest levels seen since August 2022. Analysts had predicted a larger decline to 65,650, from December's print of 66,500.
However, approvals for remortgaging jumped 2,200 to 32,900 after falling for the previous two months.
Meanwhile, net consumer credit borrowing by individuals totalled £1.7bn in January, up from £1.1bn the previous month and the highest since January 2024. Net borrowing through credit cards was the main driver of the increase, growing to £1.1bn from £0.4bn.
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