Mortgage market chills as lending numbers drop

Net mortgage borrowing reached an all-time high of £17.9 billion in June, according to the Bank of England - smashing the previous record, set in March 2021, of £11.5bn.

Trade body UK Finance is forecasting a 4% increase in gross mortgage lending next year, despite a drop in residential transactions.

'There remains a huge amount of nervousness among borrowers, who aren't sure which way mortgage rates are likely to move next,' comments Knight Frank Finance on the latest BoE mortgage lending data.