Target Group comments on BoE Money and Credit statistics

29 November 2024

Melanie Spencer, sales and growth lead at Target Group, said: “Despite much concern of consumers holding their breath before October’s Budget announcement, today’s figures show that many were actually trying to get their ducks in a row in advance. It’s important to remember that mortgage approvals can take weeks to work their way through the system, but still, a record month shows the appetite among potential borrowers and positive momentum we saw prior to the Budget.

“Now post-Budget, it will be interesting to see what next month’s figures report for November, particularly with the unsettling of swap rates and a subsequent rise in mortgage rates. We are starting to see some positive signs of movement among lenders, which will certainly be welcome among brokers and borrowers. Of course, all eyes will be on the path of interest rate, which has certainly cooled with the rise in inflation.

“Even so, the market will continue to prioritise innovation, whether it’s in product or criteria. With lenders looking to fill their pipeline for next year and meet their own lending targets, there’s no question we will see new developments to help keep the market moving. Leveraging the right technology and key integrations will be critical in making this a reality.”