India, May 1 -- UK mortgage approvals decreased to the lowest level in eight months in March despite home buyers rushing to complete the transactions ahead of the rise in stamp duty, official data revealed on Thursday.
Mortgage approvals decreased 800 to 64,309 in March, the Bank of England said. Approvals for house purchases, an indicator of future borrowing, decreased for the third straight month.
This was the lowest since July 2024 but remained above economists' forecast of 64,000.
The 'effective' interest rate, the actual interest paid, on newly drawn mortgages decreased by 3 basis points, to 4.50 percent in March.
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Consumer credit decreased to GBP ...