It’s wise to keep things in perspective – Comment on the Bank of England gross mortgage lending figures

Richard Pike, Phoebus Software sales and operations director, says “As always there are positive and negatives in the mortgage lending figures today, but it really is a steady picture for the year so far. The ‘will they, won’t they?’ fear of an interest rate rise in May has subsided somewhat, which will potentially give borrowers more time to take advantage of low-interest rate deals. However, it does have to be said that the threat of another quarter percent rise may not be as onerous as it is being made out. Affordability is of course key, but it is also wise to keep things in perspective. When it comes to housing, the unassailable truth is that if people want or need to move, buy, or sell then they will, in many cases despite what might be going on around them.

“It will be interesting to see the figures over the next couple of months, to see how the perceived threat of an interest rate rise actually affected the market.”