🏠 Exciting News for Home Buyers! 🏠
July saw a rise in mortgage approvals, reaching their highest level in six months! If you’re looking to buy, now might be a great time to explore your options. According to the Bank of England, 65,352 mortgage approvals were recorded, the most since January. However, Nationwide Building Society noted a slight dip in house prices by 0.1% in August, so some opportunities could be emerging!
While demand for mortgages is on the rise, the landscape is changing. Richard Donnell from Zoopla expects demand to keep climbing, but be mindful of fluctuating mortgage rates and potential tax changes that might influence the market in the coming months. We’ll be keeping an eye on how this develops to see if it’s a trend or a blip.
On the financial front, consumer credit growth has slightly increased, with credit card borrowing seeing a notable rise. If you’re managing debts, Simon Trevethick from StepChange Debt Charity advises reaching out to your creditors. They can offer support during tough times.
Meanwhile, household savings have seen a bit of a downturn, possibly due to increased holiday spending in July, according to Alice Haine from Bestinvest. Whether it’s borrowing or saving, it seems many are keeping a close eye on their finances.
For businesses, borrowing saw a boost with £5 billion net loans in July, a significant shift from June. Small and medium businesses also saw a rise in borrowing, the largest since March 2021.
What are your thoughts on the current housing market? Are you feeling positive about buying, or are you waiting to see how things unfold? Let’s discuss in the comments below! 🏡✨