UK Mortgage Approvals Hold Steady in Race to Beat Tax Hike

UK mortgage approvals dipped less than forecast in January, suggesting homebuyers are still rushing to complete transactions before a key tax goes up.

Banks and building societies authorized 66,189 home loans, just 316 fewer than in December, the Bank of England said Monday. Economists had forecast a drop to 65,500. Net mortgage lending climbed to £4.21 billion ($5.3 billion) as previous approvals translated into transactions.