We need to ensure this upward trend continues - Comment on the Bank of England money and credit figures for October from Adam Oldfield at Phoebus Software
29 November 2023
Adam Oldfield, chief revenue officer at Phoebus Software, says “With lenders needing to make their lending targets before the end of the year it is good to see the number of mortgage approvals increased in October. There was plenty of activity with rates coming down and deals aplenty, which obviously gave borrowers more confidence even as the Bank of England warned that the base rate isn’t going to be coming down any time soon.
“It was unfortunate that the Chancellor didn’t see fit to do more for the housing market in the Autumn Statement, but at least there is a strategy to make the planning process easier (again). How that will filter down to tackle the supply issue is as contentious as ever, will the latest in the long line of Housing Ministers fair any better than his predecessors to keep the market moving? With talk of an early general election being bandied around it will be interesting to see what rabbit the government will pull out of the hat, especially as home ownership is so high on the wish list for many voters. In the meantime, it’s down to lenders and brokers to do everything they can, with the tools they have, to ensure this upward trend continues.”
