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The value of agreed new mortgage commitments slumped by 16.5% to £51.5bn in the third quarter, from three months ago, data from the Bank of England shows. This figure is 41.4% lower than a year earlier, the central bank adds, as higher interest rates constrain lending to households. The BoE says the value of gross
New mortgage commitments tumbled in the third quarter, official data showed on Tuesday, as higher interest rates weighed on the UK housing market.
The value of new mortgage commitments in the final quarter of 2022 stood at £58.4bn, says the Bank of England (BoE) in its new Mortgage Lenders and Administrators Statistics report. This marked a 33.5% fall on Q3 2022, when this value stood at £87.8bn and presents a 24.5% drop compared to a year previous (£77.3bn).
The value of new mortgage commitments made during Q3 2022 was £87.8bn, shows new Bank of England (BoE) data – a 4.5% jump on the previous quarter and the highest value seen since Q3 2007. At the same time, the outstanding value on all residential mortgages grew from £1.65tn to £1.67tn. The BoE’s latest report, its
September 13, 2022- The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "New Consumer Financial Products and the Impacts to Workers."