Just Mortgages comments on CPI Inflation

22 July 2026

John Phillips, CEO of Just Mortgages and Spicerhaart, said:

“While inflation easing may seem like the first win of the new Burnham premiership, it’s more likely to be a false dawn as improving food and fuel prices mask what is still a really difficult picture. In truth, many economists roughly expected today’s result and are already looking ahead to next month’s reading which will take into account the higher energy price cap, as well as the re-escalation of the conflict in Iran.

“Even with positive news today, a rate cut next week is far from anyone’s prediction. The most likely outcome is another hold, which will be certainly welcome over the other alternative. How long the central bank will keep to this path is yet to be seen, especially given what is happening in the Middle East – which has already helped push up swaps and forced many lenders to reprice.

“For brokers in this current market, there is a real need to dig it out and make sure we’re maximising every opportunity that is in front of us. We know there will be those sitting on their hands and waiting to see what happens in the economy and with a Burnham government – particularly when it comes to stamp duty or any potential property tax. Equally there are still those looking to make moves, that need to sell or are fed up of the crisis fatigue. It means we have to stay on the front foot.”