BOE Mortgage Lenders and Administrators Stats - Comment from LiveMore

14 March 2023

Simon Webb, managing director of capital markets and finance at LiveMore, commented: “New mortgage commitments fell by a third in the last quarter of 2022 compared to the previous quarter to £58.4 billion. The downturn is a consequence of rising interest rates. It is also down to uncertainty in the economy and housing market, low consumer confidence, high inflation and the rising cost of living.”

“Whilst mortgage rates have reduced since the peak of early 2023, much uncertainty remains in the market. Some lenders are reducing rates, other are increasing and swap markets continue to be volatile. The failure of Silicon Valley Bank and its associated impacts is also starting to flow through to markets and adding to uncertainty and driving volatility. For mortgage lending to rise to previous levels, stability in the market needs to return.”