The amount of credit borrowed by households doubled in May compared with the previous month, while mortgage approvals continued to dip, according to new figures.
Meanwhile, the number of mortgage approvals for house purchases dipped to 60,000 in May from 60,800 in April.And property buyers borrowed half the amount of money to secure their homes, from a total of £2.2 billion to £1.2 billion month on month, the Bank said. “Interest rate cut hopes have been dashed throughout 2024, which is why all eyes are pinned on the next rate decision at the start of August when buyers and those looking to refinance are hoping for some respite.”
But some cautioned against people taking on more debt at a time when interest rates remain at a 16-year high.
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