Comment on BOE Money and Credit data
“Mortgage lending remains steady with an increase in gross lending but net borrowing is down slightly. This shows a slowdown in people taking out mortgages in July.
“Looking ahead, using the mortgage approvals figures, there was an increase although it was less than 1% and 4.5% lower than the pre-pandemic 12-month average. So we could see lending figures lower in the next two or three months.
“As the cost of living, particularly energy prices, keeps on rising along with future increases in mortgage rates, home buyers will find it increasingly difficult to afford a new home. That’s assuming they can find one as housing stock for sale still remains low and house prices are still rising, although at a slower pace.”
Simon Webb, managing director of capital markets and finance at LiveMore