Net borrowing of mortgage debt by individuals decreased slightly to £3.6 billion in December, from £3.8 billion in November. This is below the pre-pandemic average of £4.2 billion in the 12 months up to February 2020. Gross lending fell to £21.7 billion in December, from £22.4 billion in November. Gross repayments fell to £18.1 billion from £19.4 billion in November.
Approvals for house purchases, an indicator of future borrowing, increased slightly to 71,000 in December, above the 12-month average up to February 2020 of 66,700. Approvals for remortgaging (which only capture remortgaging with a different lender) rose slightly to 44,900 in December. This remains low compared to the 12-month average up to February 2020 of 49,500, but is the highest since February 2020 (52,500).
The views of brokers can be found below.