Bank of England Money and Credit data (May 2026) - Precise

29 June 2026

Emily Hollands, Group Head of Intermediary Sales and Distribution at Precise, commented:

"A fall in mortgage approvals this month should be viewed in the context of a market that continues to navigate a complex economic backdrop, rather than as a signal that housing demand has weakened materially.

Many prospective borrowers appear to be taking more time to assess affordability, consider their options and build confidence before proceeding. That's not necessarily a sign of demand disappearing; rather, it reflects a market in which buyers are making increasingly deliberate and informed decisions.

What remains encouraging is that the underlying drivers of demand are still present. People continue to move home, first-time buyers continue to look for ways onto the property ladder and competition among lenders remains strong. As a result, the foundations for future activity remain intact even if month-to-month figures fluctuate.

With the next MPC decision due on 30 July and the outlook for interest rates still evolving, many borrowers may continue to take a wait-and-see approach in the short term. In that environment, the role of brokers becomes increasingly important. As affordability and product options vary across the market, expert advice can help borrowers understand what's achievable today and move forward with greater confidence when the time is right."