Mortgage Borrowing Dip
Key points:
- Net borrowing of mortgage debt by individuals decreased to £3.9 billion in September, from £4.2 billion in August, below the previous 6-month average of £4.9 billion.
- Net mortgage approvals for house purchases decreased to 53,400 in September, below an average of around 58,800 over the previous 6-months. Approvals for remortgaging increased to 42,600 in September, from 34,000 in August.
Nathan Emerson, CEO of Propertymark comments,
“It’s disappointing, yet understandable, to see net mortgage borrowing dip month on month, as we currently find ourselves in an overall unfavourable economic climate. However, it is welcome to see positivity when looking at the volume of approvals for remortgaging when compared to the month previous.
“The housing market has been navigating a myriad of challenges, including inflation, which currently sits at 3.5%, and an overall mortgage market that has rapidly withdrawn many previously attractive mortgage products.
“Buyers are currently treading a cautious path in the face of what is a demanding housing market in many regions. However, as announced in yesterday’s Budget, the Chancellor’s ‘Your First Home’ scheme provides optimism for many first-time buyers hoping to take their first steps onto the housing ladder.
“It would be welcome to see continued efforts to significantly increase the supply of new-build properties. Any such commitment must also include sensible discussions around vital supply chains and the skill sets needed to deliver on homebuilding ambitions.”
You May Also Enjoy
Mortgage Borrowing Dip
Autumn Budget 2026: Property industry reaction
Can you legally BAN Halloween Trick or Treaters?
What the sector need to do differently to give first time buyers a chance
The 50-property tipping point: when landlords need a different approach
