UK Mortgage Lending Takes a Hit After Unforeseen Interest Rate Rises

UK mortgage approvals fell unexpectedly, and borrowers repaid debt at a historic pace after soaring interest rates increased the cost of serving loans.

The figures from the Bank of England underscore the headwinds facing the property market, where years of price gains have come to a screeching halt. The central bank has signaled it will keep raising rates to curb inflation that remains four times higher than its target.

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