LONDON, U.K.: Mortgage approvals in Britain rose more than expected in February, while consumer borrowing also picked up, pointing to resilient demand ahead of potential pressure from rising borrowing costs.
British lenders approved 62,584 mortgages in February, up from 60,246 in January, according to Bank of England data released on March 30. Economists polled by Reuters had expected 61,250 approvals.
Net consumer borrowing rose by £1.935 billion (US$2.56 billion) in February, exceeding the £1.6 billion forecast in a Reuters poll.
The increase was also higher than January's £1.828 billion rise, taking the annual rate of consumer credit growth to 8.5 percent, its fastest pace since March 2024.
