Just Mortgages comment on the BoE Money and Credit

30 September 2024

Following the release of the latest Bank of England Money and Credit statistics, 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 latest Bank of England Money and Credit data for August provides a cautiously optimistic outlook for the housing and mortgage market. A net increase of £2.9 billion in mortgage borrowing and a rise in approvals to 64,900 – the highest since August 2022 – reflects strong demand, despite wider economic challenges. This is particularly encouraging as we’ve seen recent reductions in swap rates, which have helped to stabilise mortgage pricing, creating more favourable conditions for both homebuyers and those looking to remortgage.

“The increase in remortgaging approvals suggests that more consumers are taking advantage of these improved rates, locking in better deals. As brokers, we are well-positioned to guide borrowers through this landscape, ensuring they make informed decisions at a crucial time. While consumer credit borrowing has seen a slight uptick, it's evident that households are consolidating their finances, preparing to manage the current economic pressures.

“Looking ahead, the combination of falling swap rates and rising mortgage approvals signals a more positive outlook for the mortgage market. Additionally, the increase in borrowing by private non-financial corporations (PNFCs) suggests growing business confidence, which could help stimulate broader economic growth as we move towards the end of the year."