UK mortgage approvals and consumer credit beat forecasts

Mortgage approvals in the United Kingdom exceeded expectations in February, signaling resilience in the housing market despite looming economic uncertainties. Data released by the Bank of England on Monday showed that lenders approved 62,584 mortgages during the month, a notable increase from the 60,246 recorded in January.

This figure surpassed the 61,250 approvals anticipated by economists in a Reuters poll. The uptick comes as the market prepares for the potential impact of rising borrowing costs, which have been influenced by geopolitical tensions surrounding the conflict in Iran.