Comment from Access FS: "We aren't out of the woods yet" (BoE money & credit report)

02 April 2024

Commenting on the Bank of England’s latest money and credit report, Karl Wilkinson, CEO at Access FS said: “The continuing rise in net mortgage approvals alongside falling interest rates are encouraging for the revival of UK housing activity. February’s Bank of England figures echo many positive signs that we’re seeing across the market.

“For example, the latest Property Tracker report from Building Societies Association (BSA) shows a significant reduction in the number of homeowners concerned about paying their mortgage, alongside a decrease in people who consider affordability a barrier. And, according to the RICS UK Residential Survey, near-term sales expectations are positive, with expectations for increasing momentum in sales activity over the coming year.

“We cannot, however, ignore the Bank of England’s latest statistics on the value of outstanding mortgage balances, with arrears more than 50% higher than a year ago. Lenders still need to behave responsibly, putting the consumer first. And borrowers should seek professional advice to avoid financial risk. We aren’t out of the woods yet.”