By Anthony O. Goriainoff


Mortgage Advice Bureau (Holdings) PLC said Wednesday that completions for the first quarter rose 11%, and that its current performance is in line with the board's expectations.

The U.K. property-letting company said that completions in the period were 5.8 billion pounds ($7.27 billion), and that this was driven in no small part by stamp-duty relief.

The company said that increases in interest rates have stimulated more refinancing activity, and that mortgage borrowers are more motivated than ever to secure the best rate possible.

It said that although interest rates have risen, and are likely to continue rising over the next 12 months, current rates remain near historical lows.

"Despite the geopolitical uncertainty and the rising cost of living for U.K. households, those that want or need to move home continue to do so. Consumer demand for housing remains high and activity is strong," the company said.


Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com


(END) Dow Jones Newswires

05-25-22 0328ET