Comment on Bank of England Money & Credit stats from Sushant Lall, Chief Growth Officer of Target Group

31 May 2024

Sushant Lall, Chief Growth Officer of Target Group, said: “This is encouraging news which should give us cause for cautious optimism. April’s statistics seem to show a small but steady increase in net mortgage approvals, following on March’s findings that approvals were at their highest level since September 2022. Perhaps even better is that today’s statistics show the annual growth rate for net mortgage lending rose for the first time since October 2022.

“But statistics for May will be telling. Will they show a further increase in approvals, reflecting the lower inflation rate? Or will homebuyers now play ‘wait and see’ following the General Election announcement? Borrowers will no doubt be pinning their hopes on some stability in the market. Whatever happens, it is clear that the Government needs to work on a significant overhaul of how the housing and mortgage market works. As an industry, what we can do in the meantime is to work together to support lenders and borrowers with a service based on fast and reliable technology systems which put the customer first.”