UK Mortgage Debt Net Borrowing Slips to £4.7 Billion

Source: Bank of England

Net mortgage lending slipped below £5.0 billion in February but remained above the average recorded in the 12 months before the COVID-19 pandemic. EWU is up 0.86% premarket.

• Net borrowing of mortgage debt stood at £4.7 billion in February, down from £5.9 billion recorded in the previous month.
• The latest reading compares with the £4.3-billion average in the 12 months leading up to February 2020 before the pandemic hit.
• Gross lending climbed to £26.1 billion from £24.0 billion the previous month, while gross repayments jumped to £21.0 billion from £18.5 billion.
• Consumer credit stood at £1.9 billion, up from the 12-month pre-pandemic average of £1.0 billion. This includes £1.5 billion on credit cards and £0.4 billion from others.
• Sterling money jumped by £7.2 billion, with net flows of households’ holdings down to £4.0 billion from £7.0 billion.