Comment on BoE Money and Credit data

“December is traditionally a slower month for mortgage lending so it is no surprise that the Bank of England’s figures are low. But it is house purchase approvals that really indicate how far the market has slowed down in the last quarter of 2022.

“If you leave out the data from the Covid lockdowns, which had a distorted effect on the figures, approvals are the lowest since the depths of the global financial crisis in January 2009. This is a strong reflection on the rapid rise in mortgage rates, high inflation and the cost-of-living crisis.”

Simon Webb, managing director of capital markets and finance at LiveMore