FX.co ★ UK Mortgage Borrowing Surges to Highest Since 2021

In March, the United Kingdom experienced a marked increase in net mortgage borrowing by individuals, surging by £9.7 billion to reach £12.96 billion. This reflects the highest level since June 2021 and follows a decrease in net borrowing of £1.0 billion to £3.3 billion in February. The annual growth rate for net mortgage lending rose to 2.7% in March, marking the fastest pace since March 2023, where the rate also stood at 2.7%. Gross lending saw a notable rise, jumping to £39.9 billion in March from £24.9 billion in February, reaching a peak not seen since June 2021 (£42.4 billion). Concurrently, gross repayments increased to £23.7 billion in March, up from £19.8 billion in February, the highest since October 2022 (£25.9 billion).