Comment on the Bank of England money and credit results for June

“The drop in mortgage borrowing by some £2.7 billion heralds the move towards the slower time for house purchases during the summer months.

“However, combined with a drop by 2,000 of approvals for house purchases, these reductions may also reflect a growing nervousness in the market as interest rates rise.

“That said, at £5.3 billion, the level of borrowing still sits above the 12-month, pre-pandemic average up to February 2020 of £4.3 billion.”

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