Bank of England statistics release
The Bank of England announced today that the increase in total net lending to individuals in april (£9.4 billion) was lower than the increase in March and the previous six month average. The twolve month growth rate fell 0.1 percentage points 10 10.4%. The trhee month annualised growth rate feel by 0.4 percentage points to 9.7%.
So what do these figures mean to the property market? Nick Leeming from Propertyfinder.com comments:
Evidence is piling up that the housing market is cooling. First confidence began to slip as interest rates rose, then evidence of slowing price growth emerged and now it is quite clear that appetite for mortgage borrowing is waning too. All of this pre-dates the latest interest rate increase and the jump in supply of homes for sale ahead of the abortive attempt to introduce HIPs. Greater supply and lower demand are likely to accelerate the cooling through the summer. It is quite clear that another interest rate increase is unnecesary. We need a period of stability now to allow the market to find its new level.
