Borrowing of mortgage debt by individuals continued to decline from net zero in March to £1.4 billion of net repayments in April, the lowest level since July 2021 (£1.8 billion of net repayments). If the period since the onset of the Covid-19 pandemic is excluded, net borrowing of mortgage debt was at its lowest level on record (series beginning in April 1993). Gross lending decreased from £19.7 billion in March to £17.0 billion in April. Likewise, gross repayments fell for a third consecutive month, to £18.5 billion in April. Net approvals (that is, net of cancellations) for house purchases, which is an indicator of ... (full story)