Mortgage lending hits highest level ever recorded

Posted: 17/5/2021

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Mortgage lending is tracking the hyper-active sales market and in March hit the highest level since records began in April 1993, the Bank of England (pictured) has reported.

Its latest Money and Credit report reveals that net mortgage borrowing hit £11.8 billion in the UK, driven by 82,700 house purchases, although this is fewer transactions than the recent all-time peak of 103,000 recorded by the BoE in November last year.

But the amount borrowed during March remains a huge leap when compared to February, when borrowing hit £6.2 billion. Just over a year ago the BoE cut its base lending rate to 0.25%.

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