Karim Haji, Global and UK Head of Financial Services at KPMG, comments on today’s Money and Credit statistical release from the Bank of England (for September):
“While mortgage approvals appear to have strengthened, signalling a modest resurgence of activity in the housing market, remortgaging and consumer borrowing have pulled back. The decline in borrowing suggests that many households remain cautious and are prioritising repayment or savings over new borrowing. It also highlights a central tension for lenders: while some segments are beginning to act on housing opportunities, others are still under pressure from rising bills, inflation and the energy price cap increase.
“With the Autumn Budget approaching and continued speculation surrounding tax and support changes, lenders must engage early with customers at risk, revisit affordability models and ensure support channels are well prepared for any shift in household resilience.”
-ENDS-
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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.
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