John Phillips at Just Mortgages comments on the BoE money & credit figures for May
01 July 2022
John Phillips, national operations director at Just Mortgages, says “Borrowing and lending levels continue to increase above what anyone predicted they would, almost doubling again in May. Doom merchants who predicted the housing market would fall off a cliff when the pandemic hit were badly wrong. Levels of borrowing and house buying have defied expectations and are now higher than pre-pandemic, although it must raise the question just how much longer can these increases continue. We may well see a tail off in house purchases as the cost of living continues to rise, but instead it will drive remortgages as people look to lock into longer term fixed rates to protect them from interest rates that look set to increase several more times yet.”
