Comment on the UK Finance lending trends for June

Following the UK Finance figures this morning on the trends in June, Richard Pike, sales and marketing director at Phoebus Software, says: “Given that the country has been in a state of flux for over three years it is hardly surprising that the figures year on year have dipped across the mortgage market sectors. When you consider that the mortgages in these June figures were more than likely for applications made in or around the original time we should have been leaving the EU, it is more surprising that the figures weren’t even lower.

“The buy-to-let (BTL) figures are a concern, but as the next deadline for Brexit nears, there may be some light at the end of the tunnel. One way or another we will have a resolution and, despite the government’s best efforts to curb BTL, a resolution should mean that investors that have been holding fire will know whether or not investing in property is once again a viable proposition. We may be a nation of homeowners but, when buying a home is so expensive, the need for rental accommodation remains as important as ever.”