“The downturn in mortgage approvals and remortgaging suggests that affordability pressures and uncertainty around further rate cuts are still suppressing housing market activity.
“Consumer borrowing remained broadly flat pointing to continued caution in household spending.”
“With the energy price cap set to rise from October and inflation still elevated – particularly for essentials like food and utilities – households face mounting pressure on disposable incomes just as colder months increase energy usage.
“Lenders should proactively reassess affordability models and step up early engagement strategies with those at risk of payment stress, to help prevent arrears building as winter pressures bite.”
-ENDS-
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About KPMG
KPMG LLP, a UK limited liability partnership, operates across the UK with approximately 17,000 partners and staff. The UK firm recorded a revenue of £2.99 billion in the year ended 30 September 2024.
KPMG is a global organisation of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 143 countries and territories with more than 275,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.