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24 August 2016

Jon Hall comments on the British Bankers' Association's Report

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Jon Hall, Managing Director of Masthaven Bank comments on the British Bankers' Association’s report released today, which consists of the first set of borrowing figures gathered since the EU referendum.

"The number of mortgages approved by banks for new house purchases in the UK fell by five per cent between June 2016 and July 2016 to its lowest level in 18 months. This is not necessarily however an indicator that decisions to borrow have been affected by the Brexit vote.  Households are likely to have made financial commitments prior to the referendum, and we therefore will not know until the end of 2016 if consumers are pausing plans to purchase, with the hope of greater certainty in the future."