Pursuits
U.K. Mortgage Lending Surges Most Since the Financial Crisis
- Property-loan approvals rise to highest level since early 2014
- Business lending to SMEs also shows signs of a pickup
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U.K. mortgage lending rose in August by the most since before the financial crisis in 2008 as an improving economy and low interest rates fueled demand.
Net lending on property jumped 3.4 billion pounds, the biggest increase since May 2008, the Bank of England said in London on Tuesday. Mortgage approvals increased to 71,030, the highest since January 2014. Economists had forecast a reading of 69,800, according to a Bloomberg survey.