Phoebus reacts to Money & Credit data

29 September 2026

Richard Pike, sales and marketing director at Phoebus Software, said:

“A fall in mortgage approvals would suggest the tentative improvements seen over the summer has lost momentum. Affordability remains a significant constraint for buyers, while uncertainty around interest rates continues to make households cautious about taking on new borrowing.

“However, one month’s decline does not necessarily point to a wider slowdown. The market remains active, but buyers are clearly being selective about when they commit, with mortgage rates and household finances continue to influence purchasing decisions.

“The autumn figures will now be particularly important. If approvals continue to fall, it would point to a more sustained weakening in demand. If they stabilise and recover, this month’s decline may prove to have been another short-term fluctuation in an otherwise resilient market.”