Episode Details

Mortgage approvals surged in February, reaching a three-month peak with 62,584 loans approved, the highest since November 2025. Remortgaging also increased, with around 41,200 approvals, up from 38,500 in January. However, experts caution that this upswing may be temporary due to Middle East tensions causing swap rates to rise, leading lenders to withdraw deals and raise prices. Average two-year fixed rates now stand at 5.77%, the highest since August 2024, and five-year fixes reached 5.70%. Consumer credit grew 8.5% yearly, and savings deposits rose by £5.8 billion, but the Bank of Englands decision to maintain rates at 3.75% amid inflation concerns keeps the outlook uncertain for households and markets.

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