Target Group comments on BoE Money and Credit stats

29 October 2024

Following the release of the latest Bank of England Money and Credit statistics, please see the following comment from Target Group.

Melanie Spencer, sales and growth lead at Target Group, said: “With net mortgage approvals up in September, today’s data shows the positive reaction by consumers to both the base rate cut in August and the growing competition among lenders for new business. Combine this with a decrease in consumer credit borrowing, particularly through credit cards, and it highlights the growing confidence we have seen the market, but also signs that the pressures of the cost-of-living crisis are starting to ease for families.

“Of course, premonitions of a painful budget have set the cat amongst the pigeons and pushed some to just take a breath and adopt a wait and see approach. Once the Budget is out of the way, we have to hope this releases this pent-up demand to get on with moving plans – but it all depends on what is announced. Either way though, the market will continue to adapt and find ways to streamline the mortgage process, all while continuing to innovate and explore new ways to keep the market moving. There’s no question technology will play a critical role in meeting this demand and driving efficiencies across the entire market.”