Home-buyer mortgage approvals have increased for the first time in six months
Green shoots may be appearing in the housing market, some experts have suggested, as Bank of England figures showed home-buyer mortgage approvals edged up for the first time in six months in February.
READ MORE: Inside the £3.9m LA-style home with an indoor pool in Greater Manchester's most expensive area Jason Tebb, chief executive of property search website OnTheMarket.com, said: “The uptick in approvals for house purchases for the first time since August 2022 suggests that the uncertainty around the mini-budget fallout, rising interest rates and inflation has calmed to an extent.
The annual growth rate for credit card borrowing slowed slightly to 13.1% in February, while for other forms of consumer credit the growth rate accelerated. Households also deposited an additional £1.6 billion with banks and building societies in February, compared with £3.3 billion in January. Financial information website Moneyfacts also released figures on Wednesday, showing the average easy-access Isa rate on the market has breached 2%, standing at 2.01% in March, up from 1.85% in February. The average Isa for which notice has to be given for withdrawals was 2.61% in March, up from 2.49% in February.
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