UK Housing Market Shows Signs of Stabilizing as Approvals Rise

UK mortgage approvals rose more than forecast in February, adding to signs that the housing market is starting to stabilize.

(Bloomberg) — UK mortgage approvals rose more than forecast in February, adding to signs that the housing market is starting to stabilize.

Lenders authorized 43,500 home loans, the Bank of England said Tuesday. That’s more than the 41,300 predicted by economists and a modest increase from January, when approvals fell to their lowest level since early 2009, except for the first Covid lockdown when the property market was shut.

Separate figures showed consumers borrowed an extra £1.4 billion ($1.7 billion) of unsecured credit during the month, more than forecast.

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