A proactive approach now is vital – comment on the BoE money and credit figures for September

Following the BoE figures this morning, Richard Pike, Phoebus Software chief sales and marketing officer, says “This is the first sign that housing is being affected by the current economic situation.  The double hit of rising inflation and increasing interest rates is enough to give pause and, when finances are stretched, moving house falls down the priority list.

“We saw warnings of redundancies from estate agent chains last week, which reflects the ebb in confidence and restricts the number of properties coming to market.  We are heading into a traditionally quieter time of the year, but there is still work to be done for brokers and lenders.  This is an opportunity to look at affordability and assess where vulnerabilities lie.  A proactive approach now is vital to ensure that the most vulnerable borrowers know their options and are managed through any difficulties in the coming months.”