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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