In May, UK consumer credit doubled to £1.5bn, while mortgage lending halved to £1.2bn, according to Bank of England data.
In May, UK consumer credit doubled to £1.5bn, with mortgage lending halving from £2.2bn to £1.2bn, according to Bank of England data. Household credit borrowing increased significantly, with consumer credit rising to £1.5bn from £800m in April. Mortgage approvals for house purchases fell slightly to 60,000 in May from 60,800 in April. Experts suggest that high borrowing costs and political uncertainty are causing people to delay entering the housing market, while the rise in consumer credit may be due to increased spending ahead of summer holidays.
July 01, 2024
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