Just Mortgages and Spicerhaart's reaction to the latest BoE Money and Credit statistics

29 November 2024

John Phillips, CEO of Spicerhaart and Just Mortgages, said: "October’s rise in net mortgage borrowing to £3.4 billion and approvals for house purchases reaching their highest level since August 2022 reflect growing confidence in the housing market. The slight increase in remortgage approvals to 31,400 also suggests that homeowners are beginning to explore options as market conditions evolve.

"The recent Bank of England decision to cut interest rates to 4.75% in November will provide a welcome boost to borrowers, potentially encouraging more activity as we move into the new year. However, with inflation ticking up to 2.3% in October, affordability remains a critical concern.

"In light of the recent Budget, it’s vital that policymakers focus on measures to sustain this upward trajectory, ensuring the market remains accessible and stable for both first-time buyers and existing homeowners. While these figures are encouraging, continued targeted support is essential to build on this momentum and secure long-term growth in the housing sector."