Gross mortgage lending and change from previous year in the UK 2007-2023, per quarter
The first three quarters of 2023 witnessed a substantial drop in mortgage lending in the United Kingdom. In the third quarter of the year, the value of gross advances, or new lending to borrowers, amounted to about 62.2 billion British pounds, which was a decline of almost 28 percent from the same quarter in 2022. The drop in mortgage borrowing was a result of the cooling of the housing market, as mortgage interest rates hit a 10-year-high.