UK mortgage borrowing picked up slightly in June, suggesting the housing market may be regaining some stability after stalling in the run-up to the original March Brexit deadline.
Figures released by the Bank of England on Monday showed mortgage approvals for house purchase — an indicator of the trend in lending — increased by around 800 to 66,400 in June. Households’ net mortgage borrowing of £3.7bn was higher than in May, although the annual growth rate of mortgage lending remained stable at 3.1 per cent — around the level it has been at since 2016.
Annual growth in consumer credit — which has fallen steadily since 2016 — continued to slow, falling to 5.5 per cent in June from 5.7 per cent a month earlier.
