Mortgage approvals slipped back to below 2019 levels in June supporting our view that higher interest rates will cause housing market activity to slump over the next two years. Indeed, further rises in Bank Rate and narrow interest margins on mortgage lending at present suggest that mortgage rates will continue to climb, causing demand to deteriorate further over the coming months.
Bank of England Drop-In (4th August, 10:30 ET/15:30 BST): Join our post-MPC, 20-minute online briefing to find out why we think UK rates will rise by more than most expect, despite a looming recession. Register now.
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