“The fall in mortgage and remortgage approvals reflects the drop in consumer confidence, as perceptions of the UK economy, inflation and global instability kept more off the property ladder.
“While consumer credit remained largely unchanged in May, unseasonably warm weather in June will likely have triggered higher borrowing as households started summer spending.
“With inflation and energy bills expected to rise over the coming months, household finances are set for a summer squeeze. Political instability and conflict continue to cast uncertainty over the economic outlook. Lenders must support those facing affordability struggles by offering hands on budgeting support, financial guidance and affordable repayment options.”
