Just Mortgages comments on BoE Money and Credit data and UK monthly property transactions

30 April 2024

Following the release of the latest Bank of England Money and Credit data and property transactions data, which showed a rise in both net mortgage approvals and monthly property transactions respectively, we have a comment from national brokerage, Just Mortgages.

Just Mortgages is one of the largest mortgage brokers in the UK, with more than 650 advisers working across both employed and self-employed divisions. It is part of Spicerhaart, the UK’s largest independent estate agency and property services group.

John Phillips, CEO of Spicerhaart and Just Mortgages, said: “The positive momentum we’ve been seeing in the market certainly continued in March with the highest number of net mortgage approvals since September 2022. This in spite of the fact of another disrupted month with an early Easter and half terms across the country. It certainly mirrors our own experiences on the ground with strong demand for both appointments, but also bookings for valuations within our estate agency branches.

“The wheels of the mortgage market are certainly moving, as evidenced by a further increase in monthly property transactions – also released today. This is all hugely positive – we just have to hope the recent unsettling on swap rates and subsequent rise in mortgage rates across the market doesn’t upset the apple cart. This could certainly impact the downward trend on the ‘effective’ interest rate paid by borrowers, which improved further in March.

“Nonetheless, it further proves the point as to why brokers are so important when trying to navigate the market. Maintaining this growing consumer confidence and positive momentum requires brokers to remain proactive and continue to offer that five-star service. While we cannot influence swap rates or the monetary policy of the Bank of England, we can continue to throw our arms around our clients and provide all the necessary support to help them push ahead with plans.”