UK Mortgage approvals rose in the latest data, signaling renewed activity in the housing market, while consumer borrowing also increased, pointing to stronger household demand.
According to figures released by the Bank of England, the number of mortgages approved for house purchases climbed to 59,700 in June, up from 57,800 the previous month. The increase suggests growing confidence among homebuyers amid expectations of potential interest rate cuts later this year.
In addition to the uptick in housing market activity, consumer credit grew by £1.9 billion—above economists’ forecasts—as households took on more debt through credit cards and personal loans. The rise in borrowing reflects both stronger spending and some pressure on household budgets due to elevated living costs.
Analysts say the data could complicate the Bank of England’s policy path, as it balances inflation concerns with the need to support growth.
“The increase in mortgage approvals and consumer credit suggests momentum is building in the economy, but it also raises questions about underlying inflationary pressures,” said a London-based economist.
With inflation gradually easing but still above the 2% target, markets will be closely watching upcoming data and Bank of England commentary for clues on the timing of the next move on interest rates.
This Article is published by Epic Click Travel & Tourism.
Epic Click Travel & Tourism is a professional travel agency based in Dubai.
Epic Click Travel & Tourism will handle everything for you from flights to hotels, including fast-track airport check-in, private car transfers, and visas.
To learn more about Epic Click Travel & Tourism, visit https://epicclicktravel.com.
You can also contact the company directly by email info@epicclicktravel.com and WhatsApp +971 52 427 5718
