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Target comment: Bank of England Money and Credit Statistics

29 November 2023

Following the release of October’s Bank of England Money and Credit Statistics, here is a comment for you from Target. Target is a leading provider of business process outsourcing and operational transformation, specialising in the provision of lending, investments and savings services.

Katie Pender, managing director of Target, said: “This month’s statistics seem to show some green shoots of recovery for the housing market and it’s encouraging that net mortgage approvals are up. Borrowers may be feeling more confident now that mortgage interest rates are falling.

“But the statistics for the end of this year and early into 2024 will be telling. There are still many who will continue to come off historically low fixed rates and onto higher rates, which is why we are seeing approvals for remortgaging also on the rise. Borrowers will no doubt be pinning their hopes on some stability in the market after the past turbulent 12 months. However, with a General Election likely next year and a potential change in Government, all may not be plain sailing. Are this month’s statistics a one-off or a positive trend? Only time will tell. As an industry, what we can do is to work together to support lenders and borrowers with a service based on fast and reliable technology systems which put the customer first.”