Value of new mortgage lending falls by quarter in a year, figures show

The £58.4 billion-worth of lending was also about a third lower than three months earlier, the Bank of England said.

The total value of new mortgage lending commitments fell by around a third in the fourth quarter of 2022, compared with the previous three months, Bank of England figures have shown (Joe Giddens/PA) (PA Archive)

The total value of new mortgage lending commitments fell by about a third (33.5%) in the fourth quarter of 2022, compared with the previous three months, Bank of England figures have shown.

The £58.4 billion-worth of lending agreed to be advanced in the coming months was also about a quarter (24.5%) less than a year earlier, according to the mortgage lenders and administrators statistics.

If the onset of the Covid-19 pandemic and period immediately after were excluded, this would have been the lowest total seen since the first quarter of 2015, the Bank said.