UK Mortgage Approvals Surge Despite Minor Dip in Prices

Amidst a slight dip in prices last month, UK lenders have given the green light to the most mortgages in 17 months, indicating a growing momentum in the property market. According to Bank of England data, banks and building societies approved 60,383 loans for house purchase in February, marking a substantial increase from the previous month's 56,087. This surge in mortgage approvals contrasts with an unexpected 0.2% drop in house prices in March, following two consecutive increases. These figures reflect the resilience and strength in the UK housing market, despite temporary fluctuations in property prices.