With interest rates expected to rise in the UK later this year, mortgage lending saw an increase year over year in February. Despite the increase, lending was still lower than levels seen in 2017. Remortgage approvals rose as did credit card spending as borrowers look for attractive deals. Nonetheless, home purchase demand and new buyer inquiries have declined since mid 2017. This is partly due to lack of consumer confidence, particularly since wages have been impacted by inflation. Looking ahead, as mortgage rates continue to rise, demand will continue to slow with home prices expected to level off in 2018.
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