The Bank of England has published its quarterly statistics on mortgage lenders and administrators, providing a comprehensive picture of the UK mortgage market and the financial health of the households that depend on it.
The data show that the stock of mortgage lending increased modestly during the quarter, to approximately £1.7 trillion. The share of mortgages in arrears increased slightly, to approximately 1.2 percent of the total, up from a low of 0.8 percent a year ago but still below the levels seen during the financial crisis and the pandemic.
The Bank said the data were consistent with its assessment that the mortgage market remained resilient but that the pressure on household budgets from higher interest rates and living costs was beginning to show. The increase in arrears, while modest, is being monitored closely by the Bank, which has asked lenders to treat borrowers who are struggling with their payments fairly and to offer forbearance where appropriate.
The statistics are an important input into the Bank's assessment of financial stability and the risks associated with household debt. The Bank has said it will continue to monitor the data and to use its regulatory powers to ensure that lenders are managing their mortgage portfolios prudently.
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