Karim Haji, Global and UK Head of Financial Services at KPMG, comments on the Bank of England’s Money and Credit statistical release (April):
“The fall in mortgage borrowing mirrors April’s drop in consumer confidence, the lowest since October 2023, as perceptions of the UK economy and household finances worsened.
“While the increase in mortgage approvals signals sustained confidence among first time buyers, softer remortgaging activity suggests existing homeowners aren’t as optimistic.
“Over the coming months, inflation is projected to rise again as higher energy and food costs feed through and fiscal support looks limited. Households will continue to turn to lenders for help managing ongoing affordability pressures.”
