Just Mortgages comments on Bank of England Money & Credit data

30 September 2022

John Phillips, national operations director at Just Mortgages said: “Despite many external factors predicted to stifle activity, the housing market actually showed real buoyancy in the previous month. Not only did net-borrowing increase to £6.1 billion in August, but it also remained well-above the pre-pandemic average of £4.3 billion.

“As the cost-of-living crisis brought real concerns of affordability and interest rates rose, our nationwide network reported homeowners acting with real urgency to get ahead of the game and secure the best deal they could. That urgency and demand is certainly reflected in the figures as mortgage approvals reached their highest level since January.

“Now as the situation changes once again and mortgages hit the national headlines with hundreds of products pulled, but now returning at a higher rate, the desire to secure sound financial advice will only grow stronger.

“Whether it’s upgrading, downsizing, relocating or remortgaging – especially those with maturing fixed-rates concerned about the rising cost of borrowing, the role of brokers has never been so vital. As a result, they must continue to show real resilience and provide the support homeowners need to navigate this constantly changing landscape.”