Phoebus reacts to latest mortgage borrowing figures

02 June 2026

Richard Pike, chief Sales and Marketing officer at Phoebus Software:

“After a strong Q1, which saw demand rise to a one-year high in March, it’s no surprise that mortgage borrowing dropped back in April as the impact of the Iran crisis sent mortgage rates higher, affecting affordability.

“However, despite the monthly fall in net borrowing, mortgage approvals were up, demonstrating the resilience of the housing market.

“While the recent volatility has no doubt affected buyer confidence, there are signs that affordability pressures are beginning to ease as economic conditions improve. With Governor Andrew Bailey also indicating the Bank of England could allow inflation to remain above target to support the economy, the indicators are that rates are beginning to stabilise. This should hopefully see market activity pick up again over the coming months.”