Just Mortgages comments on CPI Inflation

19 August 2026

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

“Inflation rising in July was widely expected following the increase in the Ofgem energy price cap in July. This is where the stop start Middle East conflict has had the most profound impact on the UK, which has otherwise seemed to fair reasonably well so far – as shown by recent resilient GDP data. Energy is expected to be a key driver of inflation in the back end of this year, as well as rising food costs as we see the impact of this persistent hot weather.

“While it is easy to get bogged down in this macro view, it’s important that we don’t miss the moves taking place in the mortgage market – most notably rate cuts from the likes of Nationwide, Santander, HSBC and Gen H this week. There’s an argument to say more could be on the way as long-winded transaction times force lenders to think ahead to their end of year lending targets. So while it is important for us to be aware of the forces influencing our market, we shouldn’t let it dictate our conversations with potential clients – especially when there is still an ambition to buy. In reality, many consumers just don’t know that they can and it’s up to us, now more than ever, to be proactive and present opportunities to those potential borrowers who have the appetite and perhaps unknowingly have the ability too.”