Property Transaction - hot take from Target Group

31 July 2025

Melanie Spicer, growth director at outsourcer Target Group, said:

“This is another sign that the recovery in the housing market is well underway. And it comes on the back of fresh Bank of England data showing are Britons’ borrowing of mortgages and consumer credit rose at a faster pace in June. So, this week, we’ve heard that mortgage approvals increased to around 64,200 in June from 61,300 in May. And we’ve learned remortgaging approvals have hit their highest level since October 2022. Let’s not forget that while the Bank of England left interest rates on hold at 4.25% in June, it is widely expected to cut them to 4% at its 7 August meeting. That will be more good news. I’m not sure I’d say this is a mini-boom, but it’s clear the housing market has regained its footing, after the tax break for homebuyers ended in April.”